CCTV9英语新闻：China's iron ore prices halved in 2014, traders feel pinch（在线收听）

Iron ore prices slumped as much as 50 percent in 2014. Importers who are facing risks of further declines, are remaining cautious holding lower inventory levels. Shipping companies and steel producers are also suffering from the dampening market. 

It's not a busy day in the port of Rizhao, China's largest iron ore hub. Nearly half of them sit idle. The trade value dropped, so did the inventory. The storage yard used to be full of loading machines. But now there are vacancies. Over at Rizhao Iron Ore Trading Center, things aren't looking any more optimistic.

"Many of our clients are China's major steel producers who used to imports large amount of iron ore. Now sharp drops happen on daily basis, importers have to keep the inventory at rather low levels," says a clerk of Rizhao iron ore Trading Center.

Data from China Iron and Steel Association showed, the price of imported iron ore dropped from 135 dollars at the beginning of 2014 to 67 dollars at the end of the year. 

Business took a hit. Traders and shipping companies in this office building are moving out. 

"We are also affected by the dampened business of importers. They buy in less, we ship less," says the manager of a shipping company.

China's custom officials shows, total imports of iron ore tumbled more than 13 percent in December from the same period last year.