Australian iron ore producer BHP released its first quarter of 2020 production and sales report, producing a record 68 million tons of iron ore as of march 31(the third quarter of fiscal year 2020), up 6.3 percent from 64 million tons in the same period last year, but it did not reach the 69.2 million tons forecast by ubs. Despite the turmoil in the global economy caused by the coronavirus outbreak, the company sustained its forecast of 273-286 million tons of iron ore for fiscal year 2020 on Tuesday. In terms of sales, BHP’s total iron ore sales in the first quarter were 68.44 million tons, down 1.04 million tons (1%) from a month earlier, an increase of 5.59 million tons (9%) from a year earlier. However, the world’s largest listed mining company warned that global steel production, excluding China, could fall sharply this year as a result of the epidemic, and that capital spending in 2021 would be lower than currently expected at $8 billion. After heavy rain in queensland, australia, the company lowered its forecast for metallurgical coal to the lower end of the range. Moreover, given the temporary closure of its cerrejon coal mine in Colombia and its antamina copper mine in Peru, the company re-examined production forecasts for energy coal and copper.
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Post time: Apr-22-2020