Seoul | Chinese steel mills are cutting production due to a global glut and a worsening property crisis, squeezing iron ore prices already weakened by stockpiling of the metal over the past months.

Faced with bulging iron ore inventories at a time when construction activity has failed to rebound following the Lunar New Year holiday, analysts on Tuesday warned of a prolonged downturn in demand for the steel-making commodity as confidence fades Beijing can meet its ambitious growth forecasts.