Rio Tinto says it saw a marginal drop in third-quarter iron ore shipments, hurt by weak global demand including in top metals consumer China
on Tuesday reported a marginal drop in third-quarter iron ore shipments, hurt by weak global demand including in top metals consumer China, which has also been struggling with a slowdown in its steel-intensive realty sector.
Iron ore prices are on track to end 2022 at their lowest in the past three or four years and will probably languish next year as well, as China and Europe cut steel output, while pressure mounts from additional supply. The world’s biggest iron ore producer shipped 82.9 million tonnes of the steel-making commodity in the three months ended Sept. 30, compared with 83.4 million tonnes a year earlier.
The miner reaffirmed its annual iron ore shipments forecast of 320 million tonnes to 335 million tonnes, but said that the outlook was dependent on ramping up its Gudai-Darri and Robe Valley projects, and the availability of skilled labour.
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