BHP forecasts softer 2018 iron ore market

Mining giant BHP said it expects a slightly softer and more volatile iron ore market in 2018 given construction is likely to slow down this year worldwide.

"Given the strong performance in 2017, we expect some slowdown in activities into 2018, with construction set to still grow but at a slower pace, machinery a little bit slower than last year and infrastructure will continue to be strong," said Arnoud Balhuizen, chief commercial officer of BHP.

"So if you put all that together, you'll probably see a market which is slightly softer in 2018 than 2017."