It is reported that imports of iron ore by China, the largest buyer of the steel making ingredient posted its biggest decline in seven months in August as steel production slowed.
Data from the General Administration of Customs showed that purchases dropped 13% to 44.6 million tonnes in August from 51.3 million tonnes in July.
The government tighter measures on the property sector and a slowdown in demand in other industries have led to a 17% fall in domestic steel prices between late April and mid July, forcing some steel mills to face idle capacity.
Production cutbacks are being enforced in Hebei, Shanxi and Jiangsu provinces as they cut off or ration power supply to inefficient steel mills in order to meet the nation energy saving goals