Hammered ore prices threaten Chinese iron miners

BEIJING, Nov. 17 (Xinhua) -- "To be or not to be" -- that is the pressing question for Chinese iron ore producers teetering on thin profit margins that have been squeezed by lower-priced imported ores and sluggish steel demand at home.

Chinese ore miners, who are believed to produce at a cost of 80 to 120 U.S dollars per tonne, can handle smaller price cuts than foreign competitors whose production costs are estimated at 40 to 50 U.S. dollars per tonne.

Therefore, the more price-sensitive domestic iron ore producers are losing favor with China's steelmakers, who are struggling with contracted steel demand in the world's second-largest economy.

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