BHP, Rio: No disruption in ore shipments

Two of China’s largest iron ore suppliers, BHP Billiton and Rio Tinto denied disruptions in shipments of the commodity to China, the Financial Times reported. The denial came after Australian iron ore producer Mount Gibson said several customers requested shipments of iron ore be delayed into next year, citing a "slowdown in demand for iron ore in China due to current economic uncertainty and the tightening of credit facilities, leading to reductions in steel production and the current significant build-up of iron ore stockpiles at Chinese ports." Meanwhile, Baoshan Steel became the latest Chinese steelmaker to announce it would cut back on production, as it faced weakening demand. Several large steelmakers including Shougang Steel had earlier agreed to cut production by about 20% to prop up falling prices.