For iron ore 2017 could be a mirror image of 2016. Prices will start the year high and finish low. But the balance of risk is tilting towards another year of positive surprises. In particular, Beijing's commitment to maintain stable growth ahead of the Party Congress in the autumn should not be underestimated. This means a sustained return to sub-$50/t and the inevitable shake out that implies could be averted until 2018. In this note we focus on five key issues specific to iron ore in 2017.