Hammered ore prices threaten Chinese iron miners (4)

However, as China's economy has shown signs of stabilizing, steel demand is likely to pick back up in the coming months.

China's purchasing managers index (PMI), a primary gauge of industrial production, and fixed-asset investment both posted rises in October.

In addition, the National Development and Reform Commission (NDRC), China's top economic planner, approved a string of new railway construction projects in September, creating room for steel consumption.

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