73157
BHP Says Metals Demand Will Rise
BHP Says Metals Demand Will Rise

BHP Says Metals Demand Will Rise

BHP Says Metals Demand Will Rise

The world’s biggest mining company has forecast growing demand for its raw materials as 2017 looks set to be the “tipping point” for electric cars, and China’s Belt and Road initiative will boost global iron ore demand.
BHP Billiton’s Chief Commercial Officer Arnoud Balhuizen said Tuesday that 2017 would come to be the “tipping point” for electric vehicles, boosting demand for commodities, mainly for copper and nickel, DW reported.
 “I think if we look back in a few years, we would call 2017 the tipping point of electric vehicles,” Balhuizen said at an event in Singapore, organized by the news agency Reuters.
Electric cars add up to roughly one million, out of a global fleet of closer to 1.1 billion. But BHP forecasts that figure could rise to 140 million vehicles, or 8% of the global car fleet, by 2035.
“Industry forecasts are catching up, the overall consensus is becoming greener,” he said.
According to BHP forecasts, the impact of the change would be felt first in copper, where supply will struggle to match increased demand due to hardly any new discoveries in the last two decades.
The market, Balhuizen noted, may have underestimated the impact on copper demand of what would be a dramatic change, given fully electric vehicles require four times as much copper as cars that run on combustion engines.
China’s efforts to build a new Silk Road are another major factor influencing demand for metals in the near term, according to BHP. The country’s ambitious “One Belt, One Road” initiative could result in additional steel demand of 150 million tons. “This will drive demand for raw materials,” Balhuizen said.

 

Short URL : https://goo.gl/8pSuRa
  1. https://goo.gl/46KUsm
  • https://goo.gl/va8Eym
  • https://goo.gl/nmXnvY
  • https://goo.gl/bA7QzC
  • https://goo.gl/UpHyDo

You can also read ...

Apple Begins Selling IPhone XS, XS Max Worldwide
Apple’s newest iPhone XS went on sale worldwide Friday as...
Lower-income families, already pinching pennies, are most exposed, given the likelihood of tariff-related price increases on everyday items.
China canceled trade talks with the US and will no longer send...
Taiwan Consumers More Upbeat on Economy
Confidence in Taiwan’s economy edged higher in September after...
Dairy Exports Hinder US-Canada Deal
One of the last remaining points of contention in the trade...
Turkey, Venezuela Plan to Use Local Currencies
Turkey and Venezuela are eager to use local currencies in...
EU foreign affairs chief Federica Mogherinia (L) and Transport Commissioner Violeta Bulc present the proposal  for an EU strategy for connecting Europe and Asia.
While European Union leaders were in the middle of another...
Japan to Resist New Auto Tariffs
The Japan-US ministerial-level trade talks scheduled on Monday...
Pakistan Seeks  to Increase  Exports to China
In a positive development, an important mission from China is...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus