BHP Expects Fall in China’s Demand for Iron Ore to Push Major Players Out of the Market

The company expects Chinese blast furnace run rates to ease in 2024 amid subdued steel margins and possible policy-driven production controls.

The company logo adorns the side of the BHP global headquarters in Melbourne, Australia, on Feb. 21, 2023. William West/AFP via Getty Images

BHP has warned of a looming decline in demand for iron ore in China, with some high-cost suppliers at risk of being placed out of the market.

The diversified mining giant expects Chinese blast furnace run rates to ease in 2024 amid subdued steel margins and possible policy-driven production controls.