Although China's economic growth is slowing down, ongoing urbanization will still strongly support demand for iron ore and steel products for a long time.

"We have confidence in China's iron ore demand because its urbanization requires a large amount of steel products in the coming years," said Neville Power, chief executive officer of Fortescue Metals Group Ltd, the third-biggest iron ore producer in Australia.

He told China Daily in an interview that the company's contracts with Chinese steel mills are steady.