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Share Name | Share Symbol | Market | Type |
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BHP Group Plc | NYSE:BBL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 64.18 | 0 | 01:00:00 |
By Rhiannon Hoyle
BRISBANE, Australia--BHP Billiton Ltd.'s (BHP.AU) chief executive projected a strong rise in coal and iron ore prices may soon cool, while the miner's chairman expressed cautious optimism over the outlook for the U.S. after the election of Donald Trump.
Andrew Mackenzie, chief executive of the world's No. 1 miner by market value, on Thursday said Chinese industrial reforms had rattled markets for iron ore and coal, the key ingredients used to make steel, and two of BHP's biggest exports. But Mr. Mackenzie forecast prices would ease as the markets pass a typically strong period for demand, during which buyers stock up on raw materials ahead of the winter months.
"Unless we see more supply disruptions, the market fundamentals would suggest those current numbers will drift back," Mr. Mackenzie said, referring to the prices for coal and iron ore.
Still, he projected Beijing would press ahead with reforms to rein in overcapacity in its industry, saying officials appear "very determined" to restructure their massive coal and steel sectors.
Prices for coal used to make steel have more than tripled in recent months because of restrictions placed on China's output. More recently, iron-ore prices have also strengthened.
BHP's top ranks gave a sanguine view on the global economy. Chairman Jac Nasser told reporters that, although it "is way too early" to form a view on the incoming Trump administration in the U.S., he didn't expect "they are going to do things that will hurt the U.S."
Mr. Nasser also said BHP continues to "have a good view on China."
Recent Chinese data give a mixed picture of the economy, although economists say it appears on track to reach its 6.5% to 7% target for 2016 following growth of 6.7% in the first three quarters.
-Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
November 17, 2016 00:44 ET (05:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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