Because of two things. China went from around 10pc GDP to around 7pc GDP. When it was developing at 10pc it needed lots of steel and it needed it quickly which drove iron ore prices up. So additional mines and infrasture was created in response to the 10pc GDP and high iron ore price. But once the additional supply - the additional mines are there - the shortages in iron ore aren't as great so the price isn't as high.
Existing marginal miners struggling to survive in the boom times they were born in make it hard for iron ore to be scare and so expensive.
Iron Ore Price, page-1540
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