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Iron ore prices: how low can they go? This is the big question on every iron ore miner’s chapped lips right now. Australia’s official commodities forecasting agency said on Wednesday in its latest quarterly report that prices could fall to $90 (U.S.) a tonne over the next five years. That is a lot lower than the $134 they are today. Little wonder investors are dropping mining stocks such as Vale, BHP Billiton and Rio Tinto. Their shares are down this year by an average one-sixth.