- Steel, iron ore demand consistent in China on economic growth
- Asia ex-China growing rapidly, also driving steel and iron ore demand
- Come off in iron ore prices this year "unsurprisingly"
"Longer-term, China is looking good in terms of economic development, so we see consistent steel demand and therefore consistent demand for iron ore going forward," Power told CNBC on the sidelines of Macquarie's Australia Conference.
There have been concerns about a slowdown in growth in China, which is the world's largest consumer and importer of iron ore, but Power said the country will remain key for the sector.
Fortescue is the world's fourth largest producer of iron ore, used in steel-making.
China is the world's largest steel producer, churning out some 800 million tons of the alloy a year, so it will continue to be the most important regional market for iron ore producers, he added.
In the rest of fast-growing Asia, steel and iron ore consumption will also drive demand, Power said.
His comments come amid a volatile price market with prices falling to around $67 per metric ton now from $95 earlier this year, a level that "overshot the market," Power said.
"I don't think anyone's surprised to see them come down from those very high levels," he added. Today's price level is still "a very strong" one.