Global iron ore industry rebounds
The iron ore industry saw a marked recovery in 2016 after the slower growth, lower prices and squeezed profit margins suffered in 2015, a report by the United Nations Conference on Trade and Development showed on Monday. According to the report, a late surge enabled the iron ore industry to post gains in both production and exports in 2016, despite soft Chinese consumption and low prices during the year. The resurgence came in a year when concerns about a range of antidumping actions taken by the World Trade Organization members on imported steel dominated discussions. The UNCTAD report, however, shows the key indicators of demand and supply, seaborne trade and price, all made gains through the year and it says the market outlook is steady.