Date: 07 January 2020 , 14:01
News ID: 8295
NEWS SERVICE: MINES and MINERALS

BHP looks to India for coal growth as China demand declines

The world’s biggest miner BHP (LON: BHP) is looking to India’s fast-growing economy and its accelerating steelmaking output as a way to help offset the declining Chinese coal demand in the new decade, The Sydney Morning Herald reported.
BHP looks to India for coal growth as China demand declines

China’s consumption of iron ore and coal – key steelmaking ingredients and Australia’s two top exports – led to a windfall in 2019 for the world’s top miners and added a boost to the Australian government’s federal budget.  

But Chinese demand is projected to ease in the face of lower margins, weakening  global growth and the ongoing US-China trade war. 

Meanwhile, BHP projects Indian steelmaking is on course to grow by 7% per year over the next decade. India’s yearly output of over 100 million tonnes of steel has now surpassed Japan to become the world’s second-largest steelmaking country. 

“A lot of other markets are big but mature,” BHP vice-president of market analysis Huw McKay told the paper.  

“India is big but it’s barely got started.”

source: Mining.com
US-China trade war BHP coal Iron ore
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