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China's iron ore demand is slowing

Tuesday, 20 March 2012
China's demand for iron ore has "slowed down". Growth in demand for iron ore used to make steel is reported to be falling to "single digits if not already occurred."

This is according to Ian Ashby, director of mining company BHP Billiton at a press conference on Tuesday, reports Dow Jones Newswires.

BHP Billiton will, however, pursue its announced expansion plans in iron ore production, said Ian Ashby.

The comments saw the Australian dollar to lose value against the U.S. dollar. BHP Billiton and Rio Tinto's shares fell slightly on the Sydney Stock Exchange. BHP closed 0.1 percent lower and Rio Tinto fell 0.4 percent.
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