0337 GMT - Iron ore prices are lower in early Asian trade, as the metal's fundamental remains soft, Baocheng Futures analysts write in a note. The consumption of iron ore has pricked up from low levels, while steel mills are restocking ahead of the holiday, providing some support to demand, they add. However, persistent weakness in the steel market is limiting the extent of the recovery, they add. Meanwhile, domestic iron ore supply is also rising, they say. High freight rates and pre-holiday restocking could provide some downside support, but with supply remaining elevated, iron ore prices are likely to stay under pressure and trade rangebound, they add. The most actively traded January iron ore contract on the Dalian Commodity Exchange is 0.5% lower at CNY733.5 a ton.