Last Friday, iron ore prices offered in spot market of China fell with the 2-1/2-year low benchmark rate, citing the weakening steel demand affected the producers' demand negatively.
According to Steel Index, benchmark iron ore of 62% iron content IO62-CNI=SI slipped by US$0.1/ton to US$114.80 /ton yesterday, which was the lowest point since December 29th, 2009.
On one hand, steel demand is stay weak, steelmakers will keep iron ore inventory at low level.
Meanwhile, the iron ore at major Chinese ports still high at about 97 million tons and China's iron ore import is obviously stressed.