Reuters reported that Rio Tinto the world's second largest miner of iron ore after Brazil's Vale expects moderation in iron ore prices going forward as additional supply comes on stream.

Mr Alan Davies president of international operations for Rio Tinto told Reuters that "The demand outlook is strong but supply is responding as well.”

He said that "Iron ore prices are high from historic standards now but as supply comes on we would expect a moderation in the price on the medium term."