The Daily Telegraph

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Chinese demand for iron ore falling, say miners
The Daily Telegraph

Australian iron ore miners, key beneficiaries of China’s booming manufacturing economy, have signaled demand growth is finally slowing in response to Beijing’s moves to cool its economy.

It is the strongest indication yet from an industry closest to China’s phenomenal industrial growth over the last decade, that the boom times, if not over, are being tempered.

« The (Chinese) economy is shifting, it’s changing. Steel growth rates will flatten and they have flattened, » Ian Ashby, president of BHP’s iron ore division, said ahead of the Global Iron Ore & Steel Forecast Conference in Perth.

The news knocked the Australian dollar down 1pc and weighed on stocks in Asia and Europe. Markets are very sensitive to any hint of softening demand in China, given it is Australia’s single biggest export market.

Earlier this month, however, China cut its 2012 growth target to an eight-year low of 7.5pc, fuelling caution about demand for natural resources.

La journée où l’on apprend que la demande en matière première en Chine va diminuer, monsieur Bonheur a annoncé la création de Ressources Québec, un nouveau machin bureaucratique qui va engloutir 1 milliard de nos impôts pour qu’il devienne partenaire d’entreprises minières et pétrolières.

Parions que, comme c’est toujours le cas quand le gouvernement du Québec investit dans quelque chose, on va finir par perdre de l’argent…