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Spot iron ore prices steadied near their weakest level since 2009 on slow demand from Chinese steel producers, many of which still have ample stocks of the raw material. Iron ore prices fell nearly 50 per cent last year under pressure from a supply glut and they remain not far above the 2014 low of around $65 a tonne hit in December.
"With sufficient inventories amid a backdrop of tight credit conditions and weak steel prices, mills are in no hurry to restock," ANZ Bank said in a note.
Chinese markets will be shut for a week in February for the Lunar New Year holiday.
Iron ore for immediate delivery to China's Tianjin port slipped 10 cents to $67.80 a tonne on Wednesday, according to the Steel Index. The benchmark hit $65.60 on December 23, its lowest since June 2009.
