Global miner BHP Group was positive about demand outlook through to fiscal 2024 as top metals consumer China reopens and shifts policy towards its debt-laden property sector, the company said on Tuesday after its 2023 first-half profit missed estimates.
Last year, miners wrestled with surging costs, a tight domestic labour market and lower iron ore prices due to China's strict zero-COVID policy. But the reopening of the world's second-biggest economy and a property sector policy shift has BHP upbeat on the commodity demand outlook.
However, in an environment where central banks are aggressively tightening their monetary policy, BHP expects its operating environment to remain volatile in the near term, but expects China to be a source of stability for commodity demand. "We have got BHP as a hold primarily because their share price is sitting up at record highs and they are going to have to do pretty well to justify those levels."
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