Thursday May 21, 2015, 7:08am PDT

Mineweb reported that the Australian government would not conduct the inquiry into the fall in the iron ore prices.

As quoted in the market news,

"Australian Prime Minister Tony Abbott last week threw his support behind a proposal by Senator Nick Xenophon for an inquiry into the impact of the price collapse on government revenue and to consider whether action was needed to ensure healthy competition in the sector.

Australian Treasurer Joe Hockey stated:

"After discussing the issue with regulatory bodies and stakeholders across the resources sector, the government will not be initiating an inquiry at this time.

Click here for the full Mineweb report