BHP Expects Fall in China’s Demand for Iron Ore to Push Major Players Out of the Market

Published on August 28, 2024

BHP has warned of a looming decline in demand for iron ore in China, with some high-cost suppliers at risk of being placed out of the market. The diversified mining giant expects Chinese blast furnace run rates to ease in 2024 amid subdued steel margins and possible policy-driven production controls. BHP also expects China’s demand for iron ore to decrease in the medium term from the current levels, with its production plateauing above 1 billion tonnes likely to continue in the mid-2020s. Moreover, the mining company noted that the rising ratio of China’s scrap-based steel, contributing to the decline in demand. Chinese pig iron output is also expected to decrease as more recycled scrap is used for steelmaking....

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