BHP Billiton, the 3th world's biggest iron ore suppliers, expressed that the increase speed in iron ore supplies would accelerate and it would lead a lower price of iron ore.
“The increase speed of supply will accelerate in the next years. The cost of new supplies is enormous and it will replace the high-cost capacity gradually" Alan Chirgwin, the president of BHP Billiton, said in the industry conference, "new supplier will make the iron ore's price lower"
BHP Billiton believed that China's iron ore demand would reach the top of 1,100,000,000 tons.
Written by Nicolas Yang
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