Australian iron ore magnate Andrew Forrest said on Tuesday that he is not particularly concerned about China's stock market despite the slump sparking worries on economic growth.

Speaking to reporters following a meeting of the Australia-Sino One Hundred Year Agricultural and Food Safety Partnership (ASA-100) , the Fortescue Metals chairman said while he had heard about the rout in China's equities, he wasn't concerned.

Forrest said he understood "several sectors are as strong as they've ever been".

Forrest would not speculate on where iron ore prices would head, saying forecasting commodity prices was unreliable.

"People who make a living forecasting commodity prices have a short life," Forrest said. Endi

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