UPDATE 2-Iron ore hits 5-1/2 year low on slowing China demand
January 27, 2015 at 08:06 AM EST
* China eliminated 31.1 mln T of steel capacity last year * Domestic mines cut ore production due to flood of imports * 60 mln T of domestic ore capacity to be cut this year -analyst (Recasts, adds details, quote, updates prices) By Ruby Lian and Maytaal Angel SHANGHAI/LONDON, Jan 27 (Reuters) - Spot iron ore fell to a fresh 5-1/2 year low on Tuesday, on further evidence Chinese steel mills are cutting output, curbing demand for the raw material, and as low-cost producers incre