Australia's biggest iron ore miners should expect a 20 per cent fall in Chinese steel consumption over the next 15 years according to the country's official forecaster, as Beijing accelerates the shutdown of outdated and loss making factories.
Li Xinchuang, president of the China Metallurgical Industry Planning Association, said the likes of BHP Billiton and Rio Tinto had misread the market in the belief growth would continue into the next decade.
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Angus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards. Connect with Angus on Twitter. Email Angus at agrigg@afr.com
