BHP Billiton Chief Executive Andrew Mackenzie on Wednesday said the world's biggest miner sees iron ore prices falling, with oversupply set to keep them "lower for longer".
"We're relatively bearish about the iron ore price, probably more bearish about the iron ore price than the price of any other commodity that has come to be part of the BHP Billiton portfolio," Mackenzie said at a business conference in Melbourne.
New supply would continue to be added as cost-cutting meant miners were still profitable, but supply would outpace demand growth as the Chinese economy shifts away from heavy industry, he said.
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