Iron ore futures are lower in early Asian trade. Global shipments remain ample and portside inventories stay at historically elevated levels, Galaxy Futures analysts say. Meanwhile, steel demand from China's construction sector remains weak, while manufacturing-related demand is declining, a slowdown that could last for months. Net steel exports have also failed to maintain the strong levels seen during the same period last year, the analysts add. The most-traded iron ore contract on the Dalian Commodity Exchange is down 1.2% at 736.50 yuan a ton. (jason.chau@wsj.com)