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Australia rules out iron ore inquiry

Australian Treasurer Joe Hockey says the government will not open an inquiry into the iron ore industryAustralian Treasurer Joe Hockey said Thursday his government will not set up a parliamentary inquiry into the massive iron ore sector following discussions with regulatory bodies and industry players. The commodity, which is key to steel-making, is Australia’s largest export but has seen its price plunge in recent months amid claims the world’s biggest miners are flooding the market to wipe out smaller competitors. “Over recent days, there has been speculation about whether a parliamentary inquiry into the iron ore sector was necessary,” Hockey said in a brief statement.

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