BHP Billiton warned that rising supplies of iron ore, coking coal and copper would squeeze short-term prices, according to the Wall Street Journal.
The mining company lost out on price weakness last quarter, as net fell 30% to US$10.88 billion in the year through June from US$15.42 billion the year before, the Journal reported. BHP also bet big on potash, but it remains to be seen how that works out for them.
BHP Billiton’s revenue dropped to US$65.97 billion from US$72.23 billion.
The price of iron ore 58% fines from India stayed at the higher end of its historical range. After two changeless days, the price of Chinese HRC fell 0.3 percent.
For the fifth consecutive day, the price of Chinese coking coal held flat.
The cash price of steel billet saw little movement on Monday on the LME, closing out around $140.00 per metric ton. On the LME, the steel billet 3-month price remained essentially flat at $160.00 per metric ton.
The 3-month price of the US HRC futures contract saw little movement yesterday at $628.00 per short ton. The US HRC futures contract spot price saw little movement at $648.00 per short ton.
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