The six day iron ore slump has come to an end, with the price rising slightly during the last trading session.
Benchmark iron ore for immediate delivery to the port of Tianjin in China finished trading at $US68 a tonne, up a modest 0.3 per cent.
However this price is still down by more than 40 per cent compared to the same time last year.
Oversupply of the commodity and a weakening appetite from China has driven the price slide.
Meanwhile UBS Group said the global iron ore surplus will rise from 38 million tonnes to more than 200 million tonnes by 2018.
It also slashed forecasts to $US66 a tonne for 2015, Bloomberg reported.
“The iron ore battle for market share will renew in 2015,” UBS analysts said.
“Demand growth again looks likely to remain anaemic, outstripped by supply growth from the three majors, Minas-Rio and Roy Hill.”