BHP Billiton believes that global steel has been oversupply

BHP Billiton Ltd. (BHP) said on Wednesday that the short-term outlook for commodities is mixed, and the outlook for copper is better than steel.

As the gradual withdrawal of government stimulus measures may limit the growth of advanced economies, the demand for commodities will still depend heavily on emerging markets in the medium term.

BHP Billiton said that there is strong physical demand for some commodities, including copper, and consumers are currently increasing copper inventories. The copper premium continues to rise over the spot; however, the demand for other commodities that can meet short-term needs through inventory can be met. Is falling.

The company said that steel belongs to the latter case and that global steel production exceeds actual demand.