BHP Billiton CEO Andrew Mackenzie, seen speaking at a media conference in Sydney, expects China to cut more higher-cost domestic iron-ore output and make greater use of imported iron-ore, which Australian and Brazilian iron-ore producers are pouring into the market in an unusual exercise that puts volume well ahead of value. In the last six months, Australia has flooded the export market with 25% iron-ore and Brazil has put in an additional 8%. South Africa has been a laggard by comparison, with an increase of 3%. The escalated supply has hammered down the iron-ore price to well below the $100/oz mark, from which it is unlikely to emerge in the near term.