Rio Tinto chief tells forum he is optimistic about industry's future

Global oversupply of iron ore is expected to continue as China's crude steel output enters a stable period, according to the country's top economic planning agency, the National Development and Reform Commission.

It released figures on Monday showing that China is expected to produce 746 million metric tons of crude steel in 2013, 30 million tons more than last year. This will result in new iron ore demand of 50 million tons.