The displacement cycle in the iron ore market is likely to continue over “at least” the next two years, according to Macquarie.  

China imported 74.88 million tonnes of iron ore in August, down 9.3 percent from the previous month, official data from China's customs authority showed. 

The price of iron ore has slumped to a five-year low as worries about China's property sector and a flood of supply globally weigh heavily on the steel-making ingredient.

There was no pick-up in iron ore market sentiment on Wednesday September 3, as Dalian futures prices slumped by nearly 4% and some traders lowered price expectations.  

Shanghai rebar and hot rolled coil futures dropped to new record lows in early trading on Wednesday September 3, underlining bearish sentiment in Chinese iron and steel markets.  

Spot 62% Fe iron ore prices plunged to a new recent low on Wednesday September 3, matching a level last seen in mid-October 2009.