It is reported that the Mr Xu Lejiang chairman of Baosteel Group said that the news that his company wants to buy a stake in BHP Billiton Ltd is a market rumor.

Mr Xu Lejiang when asked about media reports that Baosteel is seeking to buy into BHP told reporters "That is a market rumor."

The Australian media had reported that Chinese investors had asked a big Australian pension and investment fund to be a partner in a deal for 9% of BHP's shares amid speculation that a Chinese firm is building a stake in the world's biggest mining company.