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Australia tempers view of commodities demand02 Dec 2010Source: Financial Times Australia, the world’s largest exporter of commodities such as iron ore and coking coal, has tempered its outlook for global commodities demand in 2011, painting a more bearish picture than its previous report in June. “Over the past few months, world steel consumption growth has moderated, and economic growth in 2011 is assumed to be weaker in China and major OECD economies,” the Australian Bureau of Agricultural and Resource Economics said in its latest quarterly report, published Tuesday. The report warned that iron ore prices were likely to fall further as Australia and Brazil have increased supplies at a time when many Chinese steel mills have cut iron ore inventories in anticipation of lower prices. “Over the remainder of 2010, significant increases in commodity prices appear unlikely, under the assumption that economic growth, and hence commodity demand growth, will ease in China and OECD economies,” according to the report. Read more here |
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