MANILA: Iron ore futures were mixed on Wednesday, with the Singapore benchmark price retreating from a five-month high, as traders assessed demand prospects taking into account China’s move to unwind COVID controls and a looming global recession. The most-traded May iron ore on China’s Dalian Commodity Exchange ended morning trade 0.6% higher at 834.50 yuan ($119.64), after initially touching 838.50 yuan, its strongest since Dec. 16. On the Singapore Exchange, the steelmaking ingredient’s most-active January contract was down 0.4% at $112.95 a tonne, as of 0400 GMT.

It vaulted on Tuesday to the highest since late July above $114. China announced on Monday that inbound travellers would no longer have to go into quarantine from Jan. 8. l

It will resume issuing visas for mainland residents to travel overseas also beginning Jan. 8.