“In the short term we expect ongoing economic reforms in China to contribute to periods of market volatility,” Chief Executive Officer Andrew Mackenzie said in the statement. “While we remain confident in the long-term outlook for commodities demand as emerging economies continue to urbanize and industrialize, we have lowered our forecast of peak Chinese steel demand.”
Crude steel production in China will fall to between 935 million metric tons and 985 million metric tons in the mid 2020’s, the company said. BHP had said in May it expected China’s steel output to reach as much as 1.1 billion tons by the middle of the next decade.
AGO Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
