BHP warns demand from China for iron is falling
Fears of a hard economic landing for China were reignited as BHP Billiton, the world's biggest mining company, yesterday said that the country's appetite for iron ore, which is used in steel production, is declining.
The president of the mining giant's iron ore division, Ian Ashby, said: "The [Chinese] economy is shifting, it's changing. Steel growth rates will flatten and they have flattened. The big infrastructure build clearly will come to an end." Mr Ashby also predicted that iron ore demand from China would hit "single digits, if it's not already there".
The warning over the growth prospects of the world's second-largest economy prompted a sell-off in equity markets. Miners were the worst fallers on the FTSE 100, with BHP Billiton sliding 83p to 1,965p while Rio Tinto was 150p lower at 3,464.5p.
Brenda Kelly, a senior strategist at CMC Markets, said: "The effects of a China slowdown are all too apparent in European equity markets." Benchmark copper prices meanwhile fell nearly 2 per cent.
- 4 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 5 Women think Irish men are the sexiest, survey finds
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Florida couple forced to register as sex offenders for having sex on public beach
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
General election: Conservatives mocked online over Boris Johnson's claim of SNP 'jockalypse'
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
General Election 2015: Sturgeon claims Scots 'appalled' by Ed Miliband's refusal to work with SNP
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...