BHP sees softer iron ore market

Mining giant BHP Billiton said it expects a slightly softer iron ore market in 2018 given construction is likely to grow at a slower pace globally.

"The iron ore market in 2018 will be volatile and more focused on high-quality products," said Arnoud Balhuizen, chief commercial officer of BHP.

"The change of China's development blueprint of focusing on economic quality and sustainability, from economic speed, has had an effect on the sector in the past year," Balhuizen said.