The Australian Financial Information Daily "reported on August 20, the Chinese steel companies announced production cuts due to inventory growth, suggesting the world's second largest economy slowdown and iron ore prices weaken further.
 
Reported that, due to weakness in the construction market, as well as the lack of additional stimulus measures, China's steel production will face negative growth for the first time in 31 years. The weakness of the Chinese steel market, will face enormous pressure on Australia's three major iron ore producers - BHP Billiton, Rio Tinto and FMG. The same time, weakening demand in China will also lead to decline in fiscal revenues for the federal government, the Gillard government more difficult to achieve the goal of fiscal surplus.
 
Iron ore prices have dropped to $ 113 from $ 140 per ton in early July, there may be further dropped to $ 100.



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