BHP Billiton, the world’s top mining firm, said China’s demand for iron ore will remain robust despite the nation’s lower economic growth target.
Demand for the steelmaking ingredient from China’s manufacturing sector had been running above BHP’s expectations in recent months, a senior executive told the Wall Street Journal.
Meanwhile, the nation’s property market could also witness a rebound, BHP Billiton’s iron-ore president Jimmy Wilson said.
“I think we have to appreciate that China is getting bigger—they are targeting 7% [growth] and they are actually uncannily capable of delivering against those targets,” Wilson was quoted as saying in an interview.
“We should never underestimate what is happening in China, and what continues to happen in China.”
His remarks echoed comments made earlier by Rio Tinto’s iron-ore chief executive Andrew Harding, the report said.
In a speech at Perth, Harding was quoted as saying that Beijing can steer the Chinese economy into a new stage of growth.
“China is currently the country demonstrating the most exciting growth in the developing world,” Harding said, according to the report.
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