Two Giant Miners Warn of Tougher Times as World Demand Wavers

Commodities prices have slumped in recent months as demand wavers in China and forecasts multiply for recessions across developed economies.

(Bloomberg) — Mining giant BHP Group and rival Rio Tinto Group signaled more turbulence to come for commodities producers as costs balloon and demand for everything from iron ore to copper hits headwinds.

BHP, the world’s biggest mining company, warned Tuesday of an “overall slowing of global growth” amid war in Ukraine, Europe’s energy crisis and global monetary tightening. The commentary — from its latest quarterly output update — echoed remarks from Rio last week. BHP also said cost pressures would linger over the coming 12 months.