BHP Billiton says Chinese steel demand will probably keep falling until early next year, a quarter longer than expected, as infrastructure spending is delayed, putting continued pressure on iron ore prices trading below $US50 a tonne for the first time in three months.
But the mining giant has not reversed its expectations for a service-led recovery in China’s growth, with marketing boss Arnoud Balhuizen saying the company is maintaining its position that the Asian powerhouse’s economy will pick up this half.
Mr Balhuizen told The Australian that money allocated to specific infrastructure projects in China, which had been expected to help halt declining steel demand, was taking longer than expected to spur activity.
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