China’s multi-billion dollar Belt and Road Initiative can deliver a major boost for commodities and will add about 150-million tons to global steel demand, according to BHP Billiton, 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 $1.3-trillion, according to Melbourne-based BHP, the biggest exporter of coking coal and the third-largest iron ore supplier. Investments worth $313-billion to $502-billion could be funneled to 62 Belt-Road countries over the next five years, Credit Suisse Group AG said last month.
