Weak demand keeps iron ore price low

Iron ore demand in China, the world's largest buyer of the steel-making raw material, is expected to remain weak as steel demand contracts, according to the China Iron and Steel Association.

As demand drops this year, cuts to output will increase, reducing demand for iron ore, the group said in a monthly statement on Tuesday that summarized trends in a local price index.

Iron ore prices will not rebound as the oversupply will persist, according to the association.