KONTAN.CO.ID - MELBOURNE. Rio Tinto 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. Rio has been battling with a surge in production costs while prices of steel-making material iron ore continue to slide over soft demand as risks of a global recession rise. Iron ore prices are on track to end 2022 at their lowest in the last 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.
Rio Tinto Quarterly Iron Ore Shipments Slip as Demand Weakens
KONTAN.CO.ID - MELBOURNE. Rio Tinto 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. Rio has been battling with a surge in production costs while prices of steel-making material iron ore continue to slide over soft demand as risks of a global recession rise. Iron ore prices are on track to end 2022 at their lowest in the last 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.