Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin fell to a three-week low of $165.5/tonne, after hitting a nine-year high of $172/tonne on January 18th amid rising levels of inventories and slower construction activity. Still, falling shipments from top supplier Australia supported prices. The raw ingredient has rallied more than 40% since October amid continued robust demand from China.