BHP expects steel production in China to increase slightly this year, if the world’s biggest consumer of raw materials avoids a second wave of coronavirus infections.
In a detailed review on its key commodity markets on Tuesday, the Anglo-Australian miner noted that industrial activity was improving in China, spurred by supportive credit and fiscal policies, although there were still considerable variations across provinces.
BHP said blast furnace utilisation rates in China had increased to almost 79 per cent in April, up from 73 per cent earlier in the year, while demand for reinforcement bars — steel products widely used in construction — was at or above normal levels for the time of year.
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