News: BHP BHP Group Announces Economic And Commodity Outlook

Aug 22 (Reuters) - BHP Group Ltd (BHP) :

• BHP'S ECONOMIC AND COMMODITY OUTLOOK
• WITH THE 2023 CY HALF OVER, UPDATED EXPECTATIONS FOR SHORT-TERM SUPPLY DEMAND BALANCES
• ANTICIPATE BROADLY BALANCED IRON ORE MARKET ON AVERAGE ACROSS 2023 CY
• NOW SEE A SMALL SURPLUS OR A BALANCED COPPER MARKET
• LOOKING BEYOND IMMEDIATE PICTURE TO MEDIUM TERM, CONTINUE TO SEE NEED FOR ADDITIONAL SUPPLY
• FORESEE A SOMEWHAT LARGER SURPLUS IN TOTAL NICKEL UNITS
• ANTICIPATE GEOLOGICALLY HIGHER–COST PRODUCTION REQUIRED TO ENTER SUPPLY STACK IN PREFERRED GROWTH COMMODITIES AS DECADE PROCEEDS
• BASIC ELEMENTS OF OUR POSITIVE LONG–TERM VIEW REMAIN IN PLACE
• MOVING TO LONGER–TERM, VIEW REMAINS CHINA’S ECONOMIC GROWTH RATE WILL MODERATE AS WORKING AGE POPULATION FALLS
• VERY UNLIKELY CHINA WILL STILL BE ACHIEVING ANNUAL GROWTH RATES AS HIGH AS +4.7% IN THE MIDDLE OF THE 2030S
• TURNING TO LONG–TERM, FIRMLY BELIEVE THAT BY MID–CENTURY CHINA WILL INCREASE ITS ACCUMULATED STOCK OF STEEL IN USE
• CONSIDER ENTRY OF NEW, HIGHER–GRADE SUPPLY FROM THE SIMANDOU PROJECT IN GUINEA TO BE A NEAR CERTAINTY
• IN LONGER TERM, BELIEVE NICKEL WILL BE A SUBSTANTIAL BENEFICIARY OF THE GLOBAL ELECTRIFICATION MEGA–TREND
• LONGER–TERM, WE SEE POTASH AS A FUTURE FACING COMMODITY WITH ATTRACTIVE FUNDAMENTALS

Source text

(([email protected];))