iron ore futures in China fell for a fifth day in six on Wednesday, pressured by lean buying interest in China amid slow demand for steel.

Iron ore for September delivery on the Dalian Commodity Exchange, the most-traded contract, was down 0.7 percent at CNY 738 (USD 120) a tonne by midday.

The contract touched a seven-week low of CNY 726 on Monday

The most active rebar for October delivery on the Shanghai Futures Exchange dropped 0.4 percent to CNY 3,168 a tonne. Rebar fell to CNY 3,152 on Monday, the second lowest for a most-traded contract since the Shanghai bourse launched them in 2009.

A potential workers' strike at Australia's Port Hedland, which could halt a fourth of global iron ore shipments, has not deterred bearish investors from bidding down prices, arguing a shortage in supply may take weeks to be felt given towering stockpiles at ports in China.

The report added that Australian miner Fortescue Metals Group is offering a bigger discount for its lower grade iron ore cargoes for shipment in June amid weaker demand