THE man responsible for overseeing BHP Billiton’s iron ore sales into China says the mining giant has started to see high-cost Chinese iron ore production shut down in recent weeks, with the supply response helping to drive a rebound in prices.
BHP marketing president Mike Henry told reporters in Port Hedland yesterday that the closures of several Chinese iron ore mines would take some pressure off an iron ore market that has been sagging under the weight of new supply out of Australia and slowing growth in Chinese steel demand.
Source: the Australian
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