BHP Billiton Limited (ASX:BHP) chief Marius Kloppers expects global iron ore growth to slow from 800 million to 650 million tonnes this decade.
Mr Kloppers believes that although China’s growth in the past decade has been underpinned by the building of cities, roads, housing and infrastructure, its economy will move from an investment to a consumption led economy.
He says that Chinese people’s future needs will lean towards consumer goods such as kitchen appliances, heating and cars, meaning growth rates for iron ore and coal will likely decrease.
Mr Kloppers is confident the market will afford opportunities for companies and countries capable of supplying competitively.
BHP Billiton posted an annual net profit of $15.24 billion in the 2012 financial year.
