BHP wants find a way to up output for the industrial metal from its Olympic Dam by 40% even before a proposed and long-awaited mega-expansion of the operation takes place.
Australia's Taurus raised $683m to invest in mining company debt last year, while two funds currently in the market are targeting investor capital of $800m.
China's steel association warns accumulated steel output will exceed 10 billion tonnes in 2016 as scrap prices drop below pig iron costs inside the country.
China plans to invest CNY4.7 trillion ($720 billion) on 303 transport infrastructure projects over three years but that may not be enough to give a strong boost to commodity prices in an oversupplied market.