Iron ore futures prices fell on Wednesday. Supply concerns have subsided and demand has slowed slightly due to the maintenance of more furnaces by steelmakers in China, the largest consumer country

The most traded iron ore contract in May on the Chinese Commodity Exchange in Dalian (DCE) was down 1.69% to 786 yuan (107.90 dollars) per metric ton, at 03:10 GMT. It hit the lowest level since November 28, at 783 yuan, earlier in the session. The January reference price of iron ore on the Singapore Stock Exchange lost 0.61% to 103.9 dollars per ton at 03:05 GMT. According to Pei Hao, an analyst at the international brokerage firm Freight Investor Services (FIS), “The evolution of the ore price reflects the recognition of the easing of supply concerns following the news.” For analysts at Galaxy Futures, iron ore is also under pressure from shrinking steel margins and environmental protection requirements.