Rio Tinto’s iron ore shipments dip on China headwinds FMTNews FMTBusiness
PERTH: Rio Tinto Group said second-quarter shipments of iron ore fell 1% from a year earlier, as China’s faltering economic recovery continued to weigh on demand.
The biggest metals-consuming nation’s disappointing post-pandemic recovery and persistent property woes have put downward pressure on steel demand and iron ore prices. Iron ore edged up 0.1% to US$113.85 a ton as of 9:13am in Singapore. The steel-making staple is around 14% lower than this year’s closing high in mid-March.
Second-quarter aluminium production was up 11% year on year to 814,000 tons, while copper output fell 1% to 145,000 tons.
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