Stock Market News

BHP lifts steel output forecast on surging demand from renewable power farms

2022.10.03 04:24

[ad_1]


© Reuters. FILE PHOTO: A small toy figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic

(Reuters) – BHP Group (NYSE:) Ltd lifted its long-term demand forecast for steel as a global shift towards the decarbonisation of power generation will boost requirement of the commodity, the world’s largest listed miner said on Monday.

The Melbourne, Australia-based miner forecasts surging demand for wind and solar farm equipment to boost steel demand by 2% in 2030 and by 4% in 2050.

The miner expects global steel output to increase by 42 million tonnes and 76 million tonnes in 2030 and 2050, respectively, with a sizeable chunk due to demand solar and wind power equipment.

The world’s steel production stood at 1.95 billion tonnes in 2021, according to the World Steel Association.

BHP Group is one of the biggest iron ore producers in the world. Iron ore, the most important ingredient in making steel, brought in nearly half of the miner’s fiscal 2022 revenue.

A global push towards the decarbonisation of power generation comes as the world grapples with an energy crisis even as the improved cost efficiency and competitiveness of renewable energy has attracted massive investment as well as favourable policies globally.

Clean energy investment is expected to exceed $1.4 trillion in 2022, accounting for almost three-quarters of the growth in overall energy investment, the International Energy Agency said in its World Energy Investment 2022 report released in June.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
telcoin
Telcoin (TEL) $ 0.008507 3.43%
jito-governance-token
Jito (JTO) $ 2.60 2.97%
pyth-network
Pyth Network (PYTH) $ 0.211772 3.99%
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 2,490.60 0.88%
kaia
Kaia (KAIA) $ 0.129232 0.81%
the-sandbox
The Sandbox (SAND) $ 0.309779 1.84%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 1.17 8.59%
iota
IOTA (IOTA) $ 0.205842 4.82%
flow
Flow (FLOW) $ 0.473856 1.59%
wbnb
Wrapped BNB (WBNB) $ 619.38 1.51%
ethereum-name-service
Ethereum Name Service (ENS) $ 22.30 1.44%
bittorrent
BitTorrent (BTT) $ 0.00000074047739 1.80%
tether-gold
Tether Gold (XAUT) $ 2,913.18 0.32%
paypal-usd
PayPal USD (PYUSD) $ 1.00 0.05%
raydium
Raydium (RAY) $ 2.39 6.76%
arbitrum-bridged-wbtc-arbitrum-one
Arbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 86,982.31 0.67%
bitcoin-sv
Bitcoin SV (BSV) $ 35.11 0.38%
msol
Marinade Staked SOL (MSOL) $ 174.90 3.78%
neo
NEO (NEO) $ 9.54 1.66%
ronin
Ronin (RON) $ 1.03 1.07%
pancakeswap-token
PancakeSwap (CAKE) $ 2.17 0.43%
usdx-money-usdx
usdx.money USDX (USDX) $ 0.997237 0.26%
pax-gold
PAX Gold (PAXG) $ 2,918.63 0.34%
curve-dao-token
Curve DAO (CRV) $ 0.464833 5.26%
elrond-erd-2
MultiversX (EGLD) $ 21.32 1.65%
axie-infinity
Axie Infinity (AXS) $ 3.70 1.12%
helium
Helium (HNT) $ 3.28 2.45%
kaito
KAITO (KAITO) $ 2.38 42.24%
spx6900
SPX6900 (SPX) $ 0.620111 1.16%
thorchain
THORChain (RUNE) $ 1.64 18.21%
zcash
Zcash (ZEC) $ 35.89 10.31%
conflux-token
Conflux (CFX) $ 0.115784 2.57%
insurance-2
INSURANCE (INSURANCE) $ 30.17 0.53%
dogwifcoin
dogwifhat (WIF) $ 0.563772 4.28%
mantle-restaked-eth
Mantle Restaked ETH (CMETH) $ 2,544.41 0.76%
jupiter-staked-sol
Jupiter Staked SOL (JUPSOL) $ 149.57 3.82%
l2-standard-bridged-weth-base
L2 Standard Bridged WETH (Base) (WETH) $ 2,395.02 0.98%
starknet
Starknet (STRK) $ 0.212371 4.45%
arweave
Arweave (AR) $ 8.29 3.39%
resolv-usr
Resolv USR (USR) $ 0.999826 0.01%
chain-2
Onyxcoin (XCN) $ 0.016457 5.84%
decentraland
Decentraland (MANA) $ 0.287805 1.20%
binance-peg-dogecoin
Binance-Peg Dogecoin (DOGE) $ 0.206404 0.55%
arbitrum-bridged-weth-arbitrum-one
Arbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,398.61 0.94%
pudgy-penguins
Pudgy Penguins (PENGU) $ 0.008338 4.63%
newton-project
AB (prev. Newton) (AB) $ 0.011336 6.00%
dydx-chain
dYdX (DYDX) $ 0.700436 3.61%
beldex
Beldex (BDX) $ 0.07408 0.82%
apecoin
ApeCoin (APE) $ 0.636048 4.66%
pumpbtc
pumpBTC (PUMPBTC) $ 84,453.63 1.77%