Anglo-Australian miner BHP has signalled that the heydays of extraordinary iron ore prices could be near their end amid China’s slowing steel production and its latest coronavirus outbreak.
On Tuesday, the miner posted strong financial-year earnings on the back of high iron ore and copper prices just as iron ore prices dipped to near US$160 a tonne after striking a record high price of
US$230 a tonne in May“Medium-term, China’s demand for iron ore is expected to be lower than it is today, as crude steel production plateaus and the scrap-to-steel ratio rises,” the miner said in its outlook on commodities.
The iron ore trade is
one of the few gemsAustralian miners BHP, Rio Tinto and Fortescue Metals Group are the biggest exporters of iron ore to China.
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