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BHP's economic and commodity outlook | Hellenic Shipping News Worldwide


BHP’s economic and commodity outlook
Six months ago, at the time of our full year results for the 2020 financial year, we felt that the balance of probabilities indicated that the worst of the physical demand shock from COVID–19 was behind us. While some of our commodities have continued to face a challenging environment in absolute terms since that time, others have entered a clear recovery phase for both demand and price. 1
We expect the demand–supply balance to remain relatively tight in both iron ore and copper. The balance of risks for oil prices are tilted upwards, while metallurgical coal prices and differentials will be influenced as much by policy as by fundamentals. There is obviously still some residual uncertainty as to how vaccine deployment and the policy and behavioural response to the newer, more infectious strains of COVID–19 will interact over the coming quarters. It is also notable that the early trends in the regional distribution of vaccines in ....

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