Meanwhile, the euro-area economy is expected to shrink next year.
Shippers have been unable to move 357,000 tons a day of iron ore, coal, chrome, ferrochrome and manganese onto vessels.
The US has the lowest seasonal inventories in data that began in 1982 going into winter.
A PLA soldier stands guard in front of PLA barracks with a billboard showing Chinese President Xi Jinping in Beijing, China, on Tuesday, Oct. 11, 2022. This week, Chinese President Xi Jinping made clear that there won t be any quick exit from its zero-tolerance virus strategy.0