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. 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, according to Wayne Calder, deputy executive director at the Canberra-based Bureau of Resources and Energy Economics. Iron ore may average $90 to $95 a ton over the next five years, he said in a phone interview yesterday.
