OREANDA-NEWS. March 11, 2015. Global miner Rio Tinto said on Tuesday it expects about 85 million tonnes of excess iron ore supply to exit the global market in 2015.

The forecast by Rio Tinto iron ore chief Andrew Harding at a conference follows the elimination of about 125 million tonnes in 2014 due to lower ore prices.

Iron ore fell below \\$60 a tonne this month, roughly half the level of a year ago and its lowest since May 2009, when free-floating prices replaced an annual price fixing system.