The CEO of mining giant BHP Group stated that China's demand for commodities such as iron ore and copper remains strong, despite disappointing economic recovery and difficulties in the real estate industry.
Mike Henry said that China's demand for copper is even stronger than the world's largest mining company by market value expected six to twelve months ago, and economic unfavorable factors have not translated into a broader reduction in commodity demand. Copper is widely used in manufacturing and construction industries.
However, Henry cautioned that the outlook for China's economy remains uncertain, and the latest data will exacerbate concerns about the fragility of China's economic recovery. China is the world's largest buyer of iron ore, copper, and some other metals.
After the annual shareholders' meeting in Adelaide, Henry told reporters, "There have been some green shoots in the past few months, but there are also some things that have clearly not progressed as quickly as some people hope." Therefore, there is currently no consensus on the speed of economic recovery, "Henry said
He also stated that the escalation of the conflict between Israel and Hamas in Gaza will cast a shadow over the global economy.
Henry said, "This will indeed bring greater concerns to stability
He said that BHP Billiton does not have any business in the region and does not sell to the region, so it will not be directly affected by this war.
However, of course, this is something we are closely monitoring, paying attention to the signals this war sends and its impact on the broader global economy, "he said