China's iron ore inventories have plunged like a rock as has the price of iron ore itself. Bloomberg reports Iron Ore Holdings at China's Ports Drop Below 100 Million Tons. 

 Iron ore inventories at ports in China fell below 100 million metric tons for the first time since February as the holdings in the world's largest buyer dropped for a seventh week to post the longest run of declines in two years. 

About 71 percent of the port inventories are owned by mills and the remainder belongs to traders, Steelhome said in the report. The holdings, tallied at 44 ports, are sufficient to support steel-making in China for 30.37 days, it said. 

Iron Ore Down 50% Last Year

The Australian Business Review reports Iron Ore Price Reverse Gathers Pace, With New 2 percent Decline 

 At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US68.50 a tonne, down 1.9 per cent from its previous close of $US69.80 a tonne, and just 4 per cent above the five-and-a-half-year low of $US65.70 reached just prior to Christmas.