Iron ore price reboundsIron ore has recovered 10.6% in value since hitting five-month lows earlier this month and the steelmaking raw material is still trading in positive territory compared to this time last year. The recovery comes on the back of higher steel prices in China which consumes nearly three-quarters of the world's seaborne ore.

Iron ore's fightback comes despite dire predictions for the price outlook.

In a report released this week BMI Research forecasts prices are entering a multi-year slump, averaging lower each year through to 2021. The forecasters expect the commodity to average $70 a tonne this year (year-to-date the average price is just under $82), $55 in 2018, and decline to $46 by 2021, on rising supplies from Australia and Brazil.

On the demand side stockpiles in China has been a major factor behind iron ore's slide from near triple digits in February. According to this week's Umetal's survey of the 42 largest ports in China, total iron ore inventories have stayed near record highs at more than 132 million tonnes.

Elevated stocks have not dampened importer enthusiasm however with total imports for the first quarter climbing 12% to 271 million tonnes after the second highest cargo volumes recorded in March of 95.6m tonnes.

The trans-continental freight train, loaded with 32 containers, mainly carrying maternity products and soft drinks, departed from London on April 10.

Having traveled more than 12,000 kilometers, it passed through seven countries before reaching the Chinese manufacturing and trade hub where small goods such as homeware, garments and souvenirs are made.

London is the 15th city in Europe added to China-Europe freight train services. The first Chinese freight train arrived in London in January.

The China-Britain freight service paves a safe and efficient trade route by land, strengthening bilateral trade ties and better serving the China-proposed Belt and Road Initiative, according to the CRC.

China now has express freight services to 28 European cities. Since March 2011, more than 3,500 trips have been made. The figure should rise to 5,000 by 2020.

Japan's Minister for Economic Cooperation with Russia, Hiroshige Seko, and Russia's First Deputy Prime Minister Igor Shuvalov have agreed on revising a work program for Abe's 8-point economic plan. They will release a joint statement.

The revised one will include projects such as building a preventive medicine and diagnostic center and boosting support for neonatal care.

The 29 agreements and memoranda of understanding will be made at the government, corporate and other levels. The signings are timed to coincide with the latest summit between Abe and Russian President Vladimir Putin.

Japan's land ministry and Russia's construction and housing ministry will sign a memorandum to increase cooperation in creating a comfortable urban environment.

The authorities of Japan's Yamaguchi Prefecture and Russia's Krasnodar region will strike a deal to encourage cooperation in culture, tourism and other areas.

A Japanese trading company and a Russian pharmaceutical firm will ink a stock transfer contract to form a capital tie-up.