BHP sees 'huge demand' lift from China's new Silk Road
It can generate about 150 million tonnes of crude steel demand: Citigroup
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CHINA'S multi-billion dollar Belt and Road Initiative can deliver a major boost for commodities and will add about 150 million tonnes to global steel demand, according to BHP Billiton Ltd, the world's largest miner.
The plan to develop infrastructure and rebuild ancient trading routes from China to Europe overland and by sea has seen projects initiated worth about US$1.3 trillion, according to Melbourne-based BHP, the biggest exporter of coking coal and the third-largest iron ore supplier. Investments worth US$313 billion to US$502 billion could be funnelled to 62 Belt-Road countries over the next five years, Credit Suisse Group AG said last month.
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