Iron ore and pretty much most industrial production starts to dwindle during winter. (northern hemisphere winter). Point is it's seasonal and this "season" we've also got Vale finally ramping up production, the higher iron ore prices attracts more producers (those who have high production costs that can now make a profit) so you've got a supply glut added to a seasonal decrease in demand.
imo the iron ore price will get a bit choppier before it gets better (say jan/feb? might see a price recovery etc.). I'm going on historical and seasonal stuff here, ain't got a crystal globe (well... i do but it's cracked and i can only see peripherally into the future)
Iron ore price, page-37496
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