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UBS Sees Iron Ore Plunging 54% to Lowest Since ’09 on Supply

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Iron ore, trading near 16-month highs, may slump 54 percent to the lowest level since 2009 as China boosts production and global supply climbs, said UBS AG.

Rates may tumble to $70 a ton in the three months ending September after trading between $130 and $160 through June, Sydney-based commodity analyst Tom Price said in a phone interview today. China is the world’s biggest importer.