The steel industry believes that imposed iron-ore contracts will have a negative impact on the recovery of the global economy and authorities worldwide should examine the iron-ore market, an industry body said on Thursday.

"There is now an urgent need for the competition authorities around the world to examine the market for iron-ore, and the market behaviour of the three companies who dominate the business," Ian Christmas, World Steel Association's director general said.

Worldsteel represents approximately 180 steel producers around the world and its members produce around 85% of all steel.