WEEKLY: China's iron ore prices poised for more declines

Chinese prices for imported iron ore dipped during December 2-6, as shrinking profit margins led steelmakers to further rein in their production and pare their ore purchases, Mysteel data show. Continuing moves of steelmakers to cut steel output should cause ore prices to trend lower this week, market sources predicted.

The seasonal lull for steel consumption in winter continued to affect steel prices and the profit margins of steel mills. Mysteel's tracking of the 247 Chinese steelmakers under its regular survey showed that as of December 5, less than half of them were able to earn some money on