Iron ore prices will remain choppy through 2016, but are expected to rise steadily in the next two years, says Prestige Economics' Jason Schenker.
Asia markets will likely be searching for direction this week, while the Australian market will brace for another busy earnings week.
European equities closed mostly higher on Monday, despite a solid tick-up in oil prices and a strong performance from Europe's banks and miners.
The market for iron ore has been in decline since 2011, but things may be looking up for the steel-making ingredient.
Asia markets closed mixed on Thursday as investors digested fresh earnings reports and awaited the outcome of the Bank of Japan's two-day policy meeting.
BHP said the provision partly reflected uncertainty on when Samarco, its iron ore joint venture with Brazil's Vale, would restart.
The Nikkei rebounded from Tuesday's sell-off as most Asian markets waffled on Wednesday before key central bank decisions and major earnings reports.
Most Asia markets rose on Thursday, with Japanese shares advancing after reports suggested the government was preparing a sizable stimulus package.
Asia markets lost momentum on Wednesday, while Nintendo tumbled after reports the Japan launch of the highly popular "Pokemon Go" app was postponed.
The Samarco dam disaster forced BHP Billiton to miss its iron ore guidance for 2016, but the mining giant upped production in Australia.
Asian markets closed mixed on Tuesday, with the Nikkei climbing despite heavily weighted SoftBank tumbling after its $32 billion bid for a chip firm.
Europe finished mixed on Monday, as investors cheered on the rally in ARM shares, but remained concerned over global geopolitical events.
Markets in Asia traded mostly up on Monday, ahead of a relatively data-light week in the region, shrugging off the failed military coup in Turkey.
European stocks pared some losses to close higher on Thursday, after falling when the Bank of England surprised markets by holding rather than cutting interest rates.
Asia markets advanced on Wednesday, extending a global rally amid expectations of further Japan stimulus and easing of political concerns in the U.K.
European stocks soared to close sharply higher on Friday, after investors cheered on the news that the U.S. had created 287,000 jobs during the month of June.
European stocks posted solid gains by Thursday's close, as investors shook off the renewed declines in oil.
European stocks finished the session with solid gains on Friday as the recovery in global markets continued, despite uncertainties over the Brexit vote.
European stocks rose in late trade Thursday as Bank of England Governor Mark Carney gave a dovish speech over the fallout from the U.K.'s referendum result.
Europe soared Wednesday as markets realized that any change to the status quo in the EU after Brexit is unlikely to change in the short-term.