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High inventories reduced demand for iron ore making prices to hit a three-year low. The latest imported ore index is 94 points, compared with the same period last year a decrease of 47.5%, which means the variety of major iron ore prices close to the cut. After crazy investment in the last three years, the domestic steel mills serious excess capacity. Since the second half of last year, China's economic weakness further reduced demand for steel. Domestic steel mills and foreign iron ore giant had to pay the bill for the crazy three years ago. Decline in performance of the three iron ore giants 2009 years ago, a Iranian businessmen managing import and export trade in Yiwu cooperate friends to start iron ore trade. Until this year has been so smooth. Last year, the company sold 300 million tons of iron ore in China, this year could not reach 1 million tons." The sales manager of the company, Mr. Ban said. 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