During the first nine months, major steel companies produced 439.5 million tons of steel, 9.18 million tons less than at the same period last year, according to figures from the China Iron and Steel Association released last week.
Wang Xiaoqi, vice-chairman of the association, echoed Dong's view.
Wang said that although iron ore prices might rise slightly in November, the time for dramatic increases is long gone.
Iron ore prices fell to less than $90 a ton in August, their lowest level in three years. Prices rebounded slightly after the central government approved a series of measures to boost infrastructure construction projects to support the economy.
"The recovery of the macro economy takes time. Thus, iron ore prices will not fluctuate dramatically any time soon," Dong said.
Lackluster prices mean an even larger decline of the prices for steel products, which is not good news for steel makers, said Zhu Xi'an, a senior analyst at the industrial consultancy Mysteel.
"International iron ore producers are more concentrated and have better control of their output and capacities," he said. "On the other hand, domestic steel mills are heavily dependent on prices, which puts them in a relatively weak place."
To better serve the traders, Dong said they are making efforts to have more overseas medium and small-scale mines join the platform.
The exchange has received 191 applications to join the platform so far. They came from 148 domestic companies and 43 from abroad.
Landmark building should respect the public's feeling
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