Rio Tinto quarterly iron ore shipments rise 5% on China demand

03:22' PM - Wednesday, 16/10/2019

Global miner Rio Tinto said on Wednesday its third-quarter iron ore shipments rose 5%, helped by higher demand from Chinese steelmakers.

The global miner shipped 86.1 million tonnes of iron ore in the July-September quarter, compared with 81.9 million tonnes a year earlier.

Rio maintained its iron ore shipment forecast for the year of between 320 million and 330 million tonnes. Iron ore typically accounts for more than 60% of Rio’s earnings.

Global iron ore production has largely stabilized in recent months after a fatal dam collapse in Brazil squeezed supplies. Prices have also come off their highs touched earlier this year following the incident.

Rio cut its bauxite and alumina production forecast for the year, citing poor weather and facility maintenance. - Source: Reuters -

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