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PrintGlobal resources giant BHP Billiton (NYSE:BHP) expects a strong steel production outlook to continue to underpin iron ore demand.
Although Chinese steel demand growth rates have eased, they remain strong in absolute terms, BHP's iron ore president Jimmy Wilson said in a presentation for the Macquarie Western Australia Forum, held in Perth on Tuesday.
The executive based his outlook on the positive evolution of long term drivers of consumption, namely global population growth and urbanization, and the growing Chinese middle class.
Global steel consumption was up 4.2% in Q1, reflecting an increase in China's apparent consumption, as consumption declined in the rest of the world.
Chinese iron ore imports in September rose 18% month-on-month, or 5.6Mt, to an all-time high of 74.6Mt, according to the country's customs data.
The figure marked a 15% increase of 9.6Mt year-on-year and was 1.4Mt higher than a previous peak in July. The year-to-date total of 601Mt of iron ore imports is 48.2Mt above the volume imported last year.
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