China iron ore futures drop on worries over local Omicron variant cases

The most traded iron ore futures on the Dalian Commodity Exchange, for May delivery, dropped 2.2per cent to 698 yuan ($109.52) per tonne as of 0256 GMT

Benchmark iron ore futures in China fell more than 2per cent on Monday, hit by concerns of production and transportation disruptions, after the country reported cases of the Omicron variant of the coronavirus over the weekend.

The northern coastal city of Tianjin has tightened exit controls after detecting local Omicron cases. The central Henan province also reported two local Omicron cases on the same transmission chain.

"The Tianjin outbreak over the weekend