The Australian mining company BHP Group has increased its medium-term annual export target for Western Australian Iron Ore (WAIO) from 290 million to 300 million tonnes. Additionally, they were conducting research to increase the volume to 330 million tonnes per year.
The target of 330 million tonnes has been approved and BHP will invest in new mines to solve the port problem, instead of upgrading the railway. Despite the economic slowdown, BHP stated that China's steel demand is still strong. However, steel demand may decrease by the end of this year, as the increase in scrap usage decreased the demand for iron ore. The iron ore price was expected to return to the marginal supply cost.
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