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Summary

Iron ore prices skyrocketed above $140 per tonne in December, a level not seen since August of 2013, underpinned by continued demand for the steel-making ingredient in China. On the supply side, disappointing forecasts by Brazilian miner Vale, which expects to produce 300m to 305m tonnes this year, below a previously lowered target of at least 310m tonnes, left further room for upside momentum.