Mining companies' shares drop on China concerns

Shares of BHP Billiton Ltd. and other mining companies fell Tuesday after the Australian mining giant said it expects Chinese demand for iron ore to be flat through 2020.

BHP predicted that China will not consume much more iron ore in 2020 than it does now after demand increased more than fivefold between 2000 and 2012.

The forecast was disappointing because China has been a major buyer of metals and other raw materials for infrastructure projects like roads, airports, factories and housing, as its economy rapidly expanded. Iron ore is used in steelmaking.

In addition, a new report said that house prices dropped in 45 Chinese cities in February.

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- Posted: 2012-03-20 14:14:20

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