The primary area of uncertainty for iron ore prices rests squarely within China's borders, according to Jean-Sébastien Jacques, chief executive for Rio Tinto.
Speaking with CNBC on Saturday morning at the China Development Forum in Beijing, Jacques said that iron ore volatility won't come from questions about the strength Chinese economy — he said it appeared solid. It won't come from China's rebalance within the steel industry — which he said could help companies like Rio Tinto. Instead, all eyes will be on Chinese iron ore production as the major question mark for prices.
That's the "key source of uncertainty, and therefore potentially volatility, in terms of iron ore prices," he said.
"It's going to be interesting to see what will happen as we get into summer months — are they going to restart some of this capacity. Depending on this decision, it may have an impact on the iron ore prices," he said.