The London-based miner shipped 79.1 million tonnes of iron ore in the three months to June 30. — Bloomberg
LONDON: Rio Tinto Group, the world’s top iron ore producer, says second quarter shipments of the steelmaking ingredient fell 1% from a year earlier. It left full-year shipment guidance unchanged.
The London-based miner shipped 79.1 million tonnes of iron ore in the three months to June 30.
Rio’s aluminium production was up 11% year-on-year to 814,000 tonnes, while copper output fell 1% to 145,000 tonnes.
Steel demand in China, the world’s second largest economy, encountered persistent headwinds and ongoing weakness in the nation’s property sector continues to drag on growth, the company said in a statement yeseterday.
Rio depends on Chinese buyers for the majority of its revenue.
China’s disappointing economic recovery following the end of Covid restrictions late last year, particularly in the real estate sector, has put downward pressure on steel demand and iron ore prices.
Still, Vale SA, the world’s No 2 iron ore supplier, beat its output expectations with 78.7 million tonnes of iron ore produced in the second quarter, according to a statement.
The extra supply adds further pressure to a market weakened by the lackluster appetite in China. — Bloomberg
