BHP Billiton, the world's largest diversified mining company, is finally announcing signs of a market turn, with its most optimistic estimate in about five years.
The recovery will be a boon for a global miner who has kept production, while his competitors have not been able to withstand the fall in commodity prices. It clarifies that the supply of raw materials is still ahead of demand, despite the stronger consumption of steel in China.
According to Morgan Stanley estimates, China's steel consumption in September rose 12.5 percent from a year earlier and 2.8 percent from the previous month. This is good news for mining companies.
Coal prices for metallurgy have more than doubled since January to about $ 230 per tonne, while nickel gained 16 percent.
BHP said it was on track to meet its iron ore production target of 265 million in 2016 and 275 million tonnes in 2017, up from 257 million last year, although there was a slight 1 percent decline to 67 million tonnes in the quarter ending in September.
BHP Speaks First Signs of Commodity Markets Recovery
|
Azovpromstal® 20 October 2016 г. 16:30 |
