Chinese markets will be shut for a week from Wednesday for the Lunar New Year break.
There was limited physical trading ahead of the holiday, with most Chinese mills and traders having replenished stocks in recent weeks, hoping steel demand would perk up next month, traders said.
Despite a sustained drop in iron ore stocks at China's ports, the consumption ratio has "shifted lower in recent months, falling below the long-term average of four weeks", CBA analyst Vivek Dhar said in a note.
Stockpiles of imported iron ore at major Chinese ports stood at 96.05 million tonnes as of Feb. 13, the lowest since January 2014, according to consultancy SteelHome which tracks the data.
Ann: FY15 Half Year Results Presentation, page-20
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