BHP Billiton Says China Iron Ore Demand Halved

Bloomberg reported BHP Billiton Ltd. (NYSE:BHP,ASX:BHP) said the pace of iron ore demand from China has slowed by more than half.

As quoted in the market news:

Australia, the world’s biggest iron ore exporter, yesterday cut its price forecasts for this and next year on concern that a slowing economy in China will curb demand growth. BHP last month delayed an estimated $68 billion of projects, including an iron ore port expansion, as commodity prices declined.

Click here to read the full Bloomberg report.