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Bhp Billiton Iron Ore Output Drops 10%

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BHP Billiton said on Wednesday that China’s inventory build up of commodities was “essentially complete†as it reported a 10 per cent drop in iron ore output for the three months ended June.

However, the Anglo-Australian miner, the world’s largest, added that “re-stocking†was now evident in North America, Europe and Japan as it released its fourth quarter production report for the period ended June.

The 2009 financial year proved to be very challenging, with significant demand contraction exacerbated by dramatic movements in inventory levels,†BHP said. The shares rose 71 cents to A$36.90 by the close in Australia..continues......

Might that signal an intermediate top in recent demand?

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