rio sees no slowing in iron ore demand, page-2

'Developing regions such as Indonesia, the Philippines, Thailand, Vietnam, the former Soviet Union, Middle East, Brazil were all urbanising, he said.'

I think that's a key part of it; while China might 'slow' to 8% growth instead of 12%, the above places are continue to grow - without even a mention of India.

There will no doubt be some peaks/troughs over the next few years, but there are a lot of very large countries/nations which are still yet to really go through a 'middle-class' boom; when they do, they're going to need plenty of resources.