Oh dear... If the Chinese were using less iron ore you could...

Oh dear...

If the Chinese were using less iron ore you could argue supply and demand but they are using more which is why every major is producing more and continuing to sell into the market. Demand has not fallen - the price has.

Steel prices are either steady or dropping, not going up, showing steady useage. But steel buyers are also now talking about going back to a fixed-contract priced market instead of a spot.