Hammered ore prices threaten Chinese iron miners (3)

To make matters worse, the oversupply and waning demand of steel products in China has dragged down steel prices, affecting domestic iron ore producers.

Shrinking demand has moved a number of steelmakers to halt production. According to a survey by Mysteel.com, a market observer website, 56 out of 163 steelmakers nationwide had put out the fires under their furnaces as of the end of August.

The lackluster steel sector reported heavy losses this year, contributing to rising ore inventory. Stockpiles of iron ore at China's major ports topped 100 million tonnes in the first half of 2012, marking a record high.

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