BHP Billiton, the world’s largest mining company, expects iron-ore prices to begin retreating as "well-telegraphed" new supply hits the market from Australia and Brazil."Some of that supply is late, but we have every confidence it will arrive," Huw McKay, BHP’s vice-president of market analysis and economics, said on Friday in an interview in Singapore. "We do expect it will weigh on price from where we are, and we’ll be closer to the middle of the range that we think about, rather at the top of the range, which is where the price is now. "The remarks by BHP add to a chorus of banks calling time on an unexpected rally after prices soared in 2016 to trade around $60 a tonne over the past month after three years of declines. Citigroup and Morgan Stanley have flagged iron ore weakening toward the end of the year as more supply is shipped, with Westpac Banking predicting a slump below 2015’s low of $38.30.After a "unique" year, the under-performance of supply is expected to reverse over...
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