Iron ore mine closures around the world spurred by prices at a five-year low will help the raw material to level out even as Australia’s suppliers increase capacity further, the government forecaster in the largest exporter said one week before updating its global forecasts, Bloomberg said. Supply cuts will start in high-cost seaborne producers followed by China, where some mines that close for the winter may not reopen next year. Iron ore may average $90 to $95 a ton over the next five years.
