BHP sees ‘early signs’ of market rebalancing

Mining giant BHP Billiton CEO Andrew Mackenzie has expressed optimism about the outlook for commodity prices, reporting “early signs” of market rebalancing. “Fundamentals suggest both oil and gas markets will improve over the next 12 to 18 months. Iron-ore and metallurgical coal prices have been stronger than expected, although we continue to expect supply to grow more quickly than demand in the near-term,” he said on Wednesday, announcing the group’s September quarter production results.