Iron ore prices are swinging between optimism and pessimism over the economic outlook in top importer China, but beyond the short-term oscillations a longer-term battle is looming.

Iron ore prices have come under increased pressure in recent months due to persistent demand worries from top steel producer China, with the country’s zero-COVID policy curtailing economic activity and weighing on ferrous markets.

Australian iron-ore miners Rio Tinto and Fortescue Metals Group are unlikely to see a repeat of record profits booked in recent years as they face soaring costs, falling prices and a tight labour market.

BEIJING - China has approved a coal mine project worth 3.1-billion yuan ($458-million) in the country's Inner Mongolia region, the National Energy Administration (NEA) said on Thursday.

Recession fears continue to build in the U.S. as preliminary data showed mixed activity within manufacturing and service sectors in July