Giant Mining companies in Australia, BHP Billiton has given the most optimistic assessment of the commodity markets after the collapse of the global economy. Chinese company said the increased demand for shipments of iron ore mining industry will rise, but warned markets could remain stable. From Sydney, Phil Mercer reports. Industry analysts said that iron ore prices could rise 10-20 percent this year due to increased demand from the global economy recovers.
BHP Billiton, the world’s largest mining companies are also optimistic that the latest assessment of the key commodity markets. Production of iron ore companies, as well as copper, zinc and nickel increased in the last three months of 2009 due to strong demand from Chinese automakers and construction companies.
Production of iron ore in the three months to reach 32.45 million tons compared to 29.4 million tons the previous year.
Chinese iron ore imports in 2009 rose by more than 40 percent, which economists say buy the series partly spurred by efforts to inventory supply, while the low world prices.
Commodities analyst at Australia, Peter Rudd said BHP has set records for the production of major minerals.
“We’ve seen a good production level, and considering that, for most commodities in particular – who are iron ore and steam coal and coking so – strongly desired price. Medium and long term, the prognosis is very good as a nonprofit in particular commodity concerned, “he said.
BHP Billition said in a statement that the government’s stimulus measures imposed in the last year “seems to have supported a gradual return to the world trade standards.
Anglo-Australian, however, warned that the market can remain stable because the government began to end their incentive programs.
Actually, the news that the Chinese government plans to rein in bank lending, which concerned investors Wednesday and Thursday, sending stock prices lower BHP. Economists say that the majority of China’s growth last year was the result of stimulus measures, including the rapid growth of new loans funded housing and factory construction.
Last week, Rio Tinto, the second largest exporter of iron ore, 49 percent reported increased production in the fourth quarter.
Mineral exports from Australia, especially China and India, to help protect the country from the worst global slowdown.
Industry analysts say the mining boom in Australia is likely to continue for many years “due to strong demand from developing countries in Asia.
BP gets $ 250 million settlement
Blow-out company BP pays £ 160m for Gulf oil spill. . . Read more »
UAE oil production rose slightly in April
IEA monthly report shows country still among the top in line with OPEC quotas Abu Dhabi - Production of crude oil by the UAE in April rose to 2. . . Read more »