The following chart shows how Chinese steel prices have been falling since early July of this year:
London Metals Exchange Hot Rolled Coil FOB China Steel Price Chart
source: London Metals Exchange
All else being equal, this means lower margins for Chinese steel producers and a preference for lower cost iron ore blends. This has boosted demand for the Australian Pilbara blends in the 58% range sold mostly by Fortescue but also by Rio Tinto (RIO).
Fortescue (FMG.AX; OTCQX:FSUGY) recently released their final fiscal year 2019 results which included a presentation with