Some of the world's biggest iron ore miners are slashing output targets, a move likely to fuel price gains for the commodity.
BHP Billiton has cut fiscal 2016 iron ore production guidance by 10 million tonnes, citing adverse weather over the last quarter.
Most Asian markets gained on Tuesday, led by Japan, as oil prices steadied after Monday's drop on producers' failure to reach an output-freeze deal.
Asia markets dropped Monday, as oil tumbled after producers failed to reach a deal to freeze output and Japan shares took a hit from quakes last week.
European stock markets rallied following positive Chinese data, with the U.K. FTSE hitting a 2016 high, but it may fall back soon.
Asia markets traded higher on Wednesday, after a rise in oil prices boosted Wall Street and China trade data showed exports climbed in March.
Most major Asia markets ended higher Tuesday, shrugging off after a lower finish in U.S. equities overnight ahead of earnings season.
Arrium on Thursday was placed in voluntary administration after the collapse of a recapitalization plan amid a bleak outlook for commodities.
European markets closed lower on Friday in a choppy day of trade as investors reacted to a slide in oil prices and fresh jobs data from the U.S.
European shares closed lower Thursday as investors paused for breath and awaited key jobs data due out in the U.S. on Friday.
European markets closed mostly higher on Tuesday as investors eyed the volatile trade in commodity markets, ahead of Yellen's speech.
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European markets ended sharply lower on Thursday as fresh concerns over U.S. rate hikes and losses in commodity markets dragged on sentiment.
Asia markets ended lower Thursday, amid fresh declines in oil prices and concerns the U.S. Federal Reserve may hike interest rates sooner than expected.
European markets closed mixed on Wednesday as investors digested a renewed decline in commodity stocks.
Asia markets ended mostly lower Wednesday, but remained relatively resilient after a terrorist attack in Belgium Tuesday.
Asia markets were mixed on Tuesday, with the Nikkei up 2 percent and Shanghai down 0.2 percent, after U.S. equities squeezed out gains overnight.
An iron ore oversupply still needs to "work through the system," Fortescue chairman Andrew Forrest warned.
Asia markets were mixed Monday, with some analysts predicting a quiet week, in the absence of major economic data from the U.S. and China.
Asian markets traded mostly higher Friday, after oil prices hit their highest levels for this year. But a stronger yen weighed Japan's shares.