I don’t know how it applies in this specific scenario, but I’m general, nature left unchecked will cycle within itself. The excrement of one creature usually feeds some kind of plant and fertilizes it which then gives back to the ecosystem. So this is general and not specific to the ocean, but I would assume that the components of the iron, excrement, dead fish, blood, etc. all are either used as is for another organism or else break down into something that is usable.
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