I think China is trying to reduce their steel consumption in a bid to aviod paying huge iron ore bill or even lowering the iron ore demand in order to prevent further extra premium requested by the greedy Australian exporters.
Don't you reckon the extra premium request by RIO and BHP had angered the Chinese. (If not, we wouldn't see a 100 million cheque donated by BHP for the Oylimpic)
Also there's been property bubble in every cities in China, the Govt will be happy to slow down the urbanisation to have the bubble under control. Guys, they have a planned economic model, everything in that country is planned by the Govt rather than market driven.
be patient fms holders, page-14
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