Dropping prices

This website is reporting that

"As the annual iron ore negotiation cranks up, it seems Japan, China, and South Korea steelmakers are expecting a 30%, 40%, even a 50% price cut respectively from the world’s three biggest iron ore miners."

That would result in a significant drop in dollar imports for China should the price cuts take place; which the article indicates is likely. Also, theoretically Japanese carmakers could reduce prices for their product in the near future as a means of increasing unit sales. There is a lot of iron tied up in auto inventory sitting in ports around the world.