Reportedly, Chinese iron ore market seems to set at low gear with heavy hand of Chinese government putting on the steel production by cutting down 50% of power consumption from the average level during January-October period of this year, hence triggered shrinking demand of the material.
Figures showed that iron ore inventory at 43 Chinese ports reduced by 0.95 million tons to 84.45 million tons during the period of December 6-13, or down only 0.3 days to 25.89 days of consumption by current Chinese steelmaking activities.
In view of the inventory consumption level, it is estimated that the price of iron ore to remain low in the coming week.