BHP and Rio drop on China steel fears

The world's biggest mining company, BHP Billiton, says Chinese demand for iron ore is "flattening", creating concerns for the entire sector.

The world's biggest mining company, BHP Billiton, says Chinese demand for iron ore is "flattening", creating concerns for the entire sector.

Reuters is reporting that Ian Ashby, President of BHP's iron ore division, said in Australia that: "the (Chinese) economy is shifting, it's changing. Steel growth rates will flatten and they have flattened."

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