India has shut down its iron ore mines. They're going from exporting 100+ million tons to an importer of iron ore. Might be as long as a year before they're up and running again.
Its a huge fundamental shift in the iron ore market. CLF is going to make some large profits in 2013.
http://www.businessweek.com/news/2013-01-01/india-losing-iron-ore-market-as-courts-shut-mines-commodities#p1