According to Mining News Pro - China’s consumption of iron ore and coal – key steelmaking ingredients and Australia’s two top exports – led to a windfall in 2019 for the world’s top miners and added a boost to the Australian government’s federal budget.  

But Chinese demand is projected to ease in the face of lower margins, weakening  global growth and the ongoing US-China trade war.

Meanwhile, BHP projects Indian steelmaking is on course to grow by 7% per year over the next decade. India’s yearly output of over 100 million tonnes of steel has now surpassed Japan to become the world’s second-largest steelmaking country.

“A lot of other markets are big but mature,” BHP vice-president of market analysis Huw McKay told the paper.  

“India is big but it’s barely got started.”