$120 seems to be the new temporary floor for the iron ore price until that support is breached. When that happens the slide could be rapid but should find strong support at $80. It may then trade between $80 and mid $90s eventually settling back at around $80 where it will meet upward resistance and become the ceiling (occasionally we may see a "7").
At $80, China will be importing more ore than it needs until March (when steel production curbs may be relaxed). Interestingly as previously suggested by a poster, $80 is indeed 1/3 of $240 (peak $238 was reached in May). If $80 in Nov, then the news headline would sensationally scream iron ore price has fallen 2/3 in 6 months.
I make this observation because seaborne buying has evaporated in light of steel production curb extension until March next year.
Iron ore price, page-37100
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