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BEIJING(Scrap Monster): The demand of iron ore in China has decreased by more than 50%, says  the world's largest mining company, BHP Billiton.

Making the country’s demand for iron ore slow down by more than half, the first phase of economic development has been completed by China.

Instead of iron ore China's next phase of economic growth could see it snapping up plenty more copper, aluminum, gas and crude oil, says Alberto Calderon, chief executive of BHP .

As iron ore  prices continue falling BHP Billiton has deferred its US$68 million project last month for iron ore port expansion.

Even though the  margin for the mining industry seems to  remain good,  the high price will not be seen again.