$69 postpage LB

Iron Majors including RIO and BHP Express Confidence in the Chinese Recovery

  • April 22, 2020 06:08 PM AEST
  • Team Kalkine

Both Rio Tinto (ASX:RIO) and BHP Group Limited (ASX:BHP) stated in individual reporting that the Australia’s topmost export destination, China has shown strong indications of recovery in the steel sector. The outlook for China remains strong provided China manages to avoid the second wave of coronavirus in the country.

The global perspective remains dismal as many of the major steelmakers from Europe, India and Japan have either shut down their operations or are operating at lower utilization rates and would depend on the timing of recovery for the economies.

The port outflows have shown growth leading to lower port stocks which would further help sustain strength in the iron ore prices. The Australian iron ore players see this as an opportunity since the Brazilian major Vale has registered significant cut in the production during Q1,2020 due to operational issues and safety concerns.

Gold MTF non-AMP

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK