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growth for iron ore in China coupled with production increases by a number of key iron ore producers resulted in a significant decline in iron ore prices Iron ore spot prices began the year at about US$133/tonne and steadily declined throughout Overall iron ore spot prices averaged about US$96/tonne down % from 2024 see chart

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High cost iron ore mines in remote parts of the mainland and those owned by state owned steel mills will come under unprecedented pressure to shut down this year with iron ore prices tipped to fall further from current decade low levels

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