BHP said it has no plans to cut iron ore production since it can still make good profits in an oversupplied market thanks to its low-costs.

BHP reported an output of 49.57 million tons of iron ore for the first quarter of this year, an annual growth of 23 percent. The company has set its yearly output target at 217 million tons for 2014.

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Rio Tinto achieved an iron ore output of 66.4 million tons for the first quarter, reflecting growth of 8 percent year-on-year.

It expects to produce 295 million tons this year, and to expand the annual capacity for its port, railway and power infrastructure to 360 million tons by the first half of 2015.

The third-largest miner in Australia, Fortescue Metals Group Ltd, increased output by 56 percent to 31.5 million tons for the first quarter.

The increased supplies by the iron ore giants have led to falling prices in the market.

The average price of imported iron ore fell to $87.6 a metric ton on June 30, down 24.55 percent from the same period last year, according to Mysteel.

Wei had predicted that imported iron ore prices would stay at between $80 and $110 a ton.

The increasing supply in the market was partly caused by investment in capacity-building by international mining companies over the past years to meet growing need in China.

The Chinese government also has encouraged domestic mining companies and steel mills to expand business overseas through acquisitions in order to break the iron ore price monopoly held by mining giants in the global market.