I think it's a pretty simple situation, there was a significant amount of speculative inflow into commodiies, especially over the last 2 months (refer to Copper / Aluminum etc) and that speculation is being flushed out... and like you get excessive price swing on the upside you get the same overshoot on the downside.
Other than that speculative cycle, things have only improved over the last year (far dated iron ore contracts are worth a lot more).
Iron ore price, page-52439
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