"Fresh lockdowns and mass testing in Beijing, Shanghai, and now Inner Mongolia is the realization of the ferrous market's worst fears," said Atilla Widnell, managing director at Navigate Commodities.
"The short-term drive is upward but the valuation is on the high side, and the risk of volatility will increase in June-July," Zhongzhou Futures analysts said.
Beijing authorities said the capital will resume public transport in most districts, restart dine-in restaurant services and allow workers to return to offices.
China’s cabinet announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its pandemic-ravaged economy.
