MINING.COM Staff Writer

Market focus has turned to the People's Bank of China, which could cut the rate on its medium-term lending facility on Wednesday.

Metal price fell as a stronger US dollar and renewed worries over demand due to partial lockdowns in China weighed on sentiment.

"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.

"China remains a big source of uncertainty for global growth," JP Morgan analysts said in a note.

Shanghai will lock down millions of people for mass covid-19 testing this weekend.

Entertainment venues and internet cafes in Beijing's largest district of Chaoyang were ordered to be shut on Thursday.

"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.

China's moves to ease covid-19 restrictions added fuel to the rally, as did shrinking stockpiles of imported iron ore at Chinese ports.

Beijing authorities said the capital will resume public transport in most districts, restart dine-in restaurant services and allow workers to return to offices.