World demand for iron ore is far from peaking, and the substantial price decline that has captivated commentators since early 2014 is not the result of widespread misreading by producers of the prospects for global market growth. Recent price movements provide little useful insight into the industry's longer-term fortunes, apart from reminding mining companies that their businesses need to be robust against the volatility and inescapable cyclicality of mineral commodity markets. It is timely to take a strategic view of the history and longer-term prospects for the iron ore industry and of Australia's place in it.CITATION:Barkas, J P, 2015. Perspectives on the long-term outlook for iron ore, in Proceedings Iron Ore 2015, pp 3-6 (The Australasian Institute of Mining and Metallurgy: Melbourne).