SYDNEY Oct 19 BHP Billiton on
Wednesday said it is seeing signs of recovery in commodities
markets but cautioned that supply was still running ahead of
demand amid stronger-than-expected steel consumption in China.
"We have seen early signs of markets rebalancing," the mining
"Fundamentals suggest both oil and gas markets will improve
over the next 12 to 18 months. Iron ore and metallurgical coal
prices have been stronger than expected, although we
continue to expect supply to grow more quickly than demand in
the near term," the company said.
BHP said it was on track to meet its fiscal 2017 production
guidance for iron ore of 265 million to 275 million tonnes
versus 257 million tonnes last year.
(Reporting by James Regan; Editing by Lisa Shumaker)