Via Reuters comes comments from BHP Billiton Chief Executive Andrew Mackenzie on iron ore
- Warned that a global oversupply of commodities is likely to be prolonged
- Says that in metals markets, newly installed low-cost supply can now be stretched to meet growing demand
- "Incremental supply, induced during periods of higher prices, will take longer to absorb and this means over-supply may persist for some time"
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Mackenzie not saying anything much there that's new, of course.
Iron ore over the last 6 months:
