BHP Billiton Ltd. (BHP) iron ore chief executive Ian Ashby said Wednesday the long-term fundamentals for the market were solid, based on growth in China and other emerging economies.

The short-term market was still impacted by restocking and destocking cycles, but BHP's iron ore operations are producing at capacity despite jittery market conditions, Ashby told delegates at the Diggers and Dealers forum in Western Australia.

Seaborne iron ore imports into China are increasing, he said.

BHP is currently in the process of forming a multibillion iron ore joint venture with Rio Tinto PLC (RTP) in Australia's Pilbara region.

-By Elisabeth Behrmann, Dow Jones Newswires;

612-8272-4689, elisabeth.behrmann@dowjones.com