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This decline in iron ore prices can be attributed to an increase in iron ore supply by the big three iron ore companies (BHP Billiton (NYSE: BHP), Rio Tinto (NYSE:RIO), and Vale (NYSE:VALE)) and a slowdown in the growth of Chinese demand, and has resulted in the shutdown of some highcost iron ore mines, particularly in China, Canada, and Africa.

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China's steel production will not recover next year, according to its official government forecaster, which believes demand for iron ore will decline by per cent.

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Feb 06, 2017 · Basic Iron Ore Facts. 98% of world iron ore is used to make steel, which accounts for over 90% of all from cars, trains and ships through to the high rise buildings in our cities and the nuts, bolts, tools, machinery, in building and construction, to make white goods, The next 30 years saw Australian mining work hard to increase .

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