BHP: China iron ore demand ‘flattening,’ prices to hold

摘要

Global mining giant BHP Billiton said Tuesdaynthat China’s iron ore demand is flattening as thenworld’s second-largest economy slows, but pricesnshould hold up. BHP iron ore president IannAshby said he was confident that China wouldnmeet its five-year economic growth targets butniron ore demand would soon hit “single digits ifnit’s not already there.” China, the world’s largestnconsumer of raw materials, pegged a growthntarget of 7.5% for 2012, from 2011’s 9.2%ngrowth and 10.4% in 2010. Its economy swungnto a trade deficit of $31.48 billion in February,nwith imports of crude oil and other materialsnsoaring with exports also hit by weak demandnin Europe and the US. But Ashby said he seesniron ore prices, now at around $145/mt, holdingnat $120 due to limits on China’s own output,nand BHP saw a solid future for the commoditynin the longer term.