BHP Billiton, the mining giant in Australia indicated that it had confidence in commodity market in the long term. However, it predicted that China’s demand for iron ore would slow down.
The mining giant said the monetary policy in some countries such as China and Indian was having the effects; while, Chinese tight monetary policy will impact the country’s demand for iron ore.
BHP Billiton stressed that the commodities including coking coal, iron ore, copper and crude oil will turn into shortage in the second half of fiscal year 2011; nevertheless, the lack won’t last for a long time.
Meanwhile, BHP Billiton’s attributable profits in the fiscal year 2011 reached US$21.7 billion, surged substantially by 74% to hit record highs.
( Source: www.yieh.com )