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[SMM Steel Morning News] BHP Billiton hopes to increase its iron ore export capacity by 14 per cent to 330 million tons
Apr 29,2020 09:50CST
The content below was translated by Tencent automatically for reference.

Wednesday, 29 April 2020

Breakfast news

Rising factor

1. Total investment of more than 360 billion yuan for 829 major projects in Hunan

A total of 829 major projects in 14 cities, prefectures, counties and districts in Hunan began on the 28th, with a total investment of 365.74 billion yuan and an annual planned investment of 131.48 billion yuan. Of the 829 major projects, there are 630 projects with a total investment of more than 100 million yuan, 91 projects exceeding 1 billion yuan, and 13 projects exceeding 3 billion yuan. Hengyong Expressway, Zhuzhou dynamic Economic Corridor, Yiyang Electronic Acoustics Science and Technology Industry Park, Linwu Hunan Guangdong Food processing Industry gathering area and other four projects exceed 10 billion yuan.

2. Chongqing has issued a policy of encouraging automobile consumption to subsidize 2000 yuan per vehicle.

The Chongqing Municipal Commerce Commission, the Chongqing Municipal Finance Bureau, the Chongqing Public Security Bureau and the Chongqing Taxation Bureau of the State Administration of Taxation have issued the Circular on encouraging Automobile upgrading and consumption. The objects who meet the subsidy requirements shall be declared in accordance with the relevant requirements for the declaration of subsidy materials, and after examination and approval in accordance with the procedures, 2000 yuan of municipal financial funds can be obtained for each vehicle. Financial subsidies will be cashed in the form of electronic consumption vouchers.

Falling factor

1. BHP Billiton hopes to increase its iron ore export capacity by 14 per cent to 330 million tonnes

BHP Billiton said recently that it would begin talks on the possibility of increasing iron ore exports. The company hopes to increase its Australian iron ore export capacity by 14 per cent, in a sign of its return to significant growth ambitions. It is understood that BHP Billiton is currently allowed to export 290 million tons of iron ore a year from Port Hedland in Western Australia. If market conditions permit, it hopes to eventually raise this limit to 330 million tons. If the company meets its fiscal 2020 export target of 273 million to 286 million tons, it will set a new record. At present, the plan is in a very preliminary stage and a lengthy approval process. To get approval from Western Australian regulators, BHP Billiton will need to convince local communities near Port Hedland that it can control dust pollution from the port. BHP Billiton said on Tuesday (April 28) that it would invest $300m in dustproof projects at Port Hedland.

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