Mining companies will aggressively pursue increased output in the face of continuing weakness in the iron ore price, though with forecast demand not expected to keep pace with production, one analyst is warnings of a potential "disaster".

Australian Fortescue Metals Group (FMG) said that the company’s iron ore shipments hit a record high of 13.3 million tons in June, equaling an annualised run rate of 160 million tons.

It is reported that India’s JSW Steel imported its first iron ore shipment of 170,000 tons last week from South Africa.

Indian National Mineral Development Corporation Limited (NMDC) released its sales report for the first quarter of 2014.

According to the latest figures from the Brazil’s foreign trade department, Brazil's iron ore exports soared by 13% to 29.5 million tons in June compared to the same month in 2013.

According to data released by the Brazilian Ministry of Development, Industry and Foreign Trade, Brazil’s iron ore exports totaled 29.55 million tons in June, decreasing by 3.7% from a month ago and increasing by 13.2% year on year.

BHP Billiton said that the company’s shipment of iron ore went to Japan’s customers reached 1 billion tons, according to the company.

Brazilian mining giant Vale predicts the global demand for iron ore will grow by 34% by 2020 compared to the level of 2012.