Australian miner Rio Tinto reported a 2pct YoY decrease in iron ore output for Q2 2024, producing 79.5 mln tons. The company also saw a 2pct decline in iron ore production for the first half of 2024.
Despite productivity gains offsetting ore depletion, production and shipping were affected by a train collision in mid-May, which resulted in approximately six days of lost rail capacity and full stockpiles at some mines, the company said.
In Q2 2024, Rio Tinto’s iron ore shipments increased by 2pct YoY to 80.3 mln tons, although shipments for H1 2024 declined by 2pct compared to the same period last year.
Iron ore prices rose by 4pct over the quarter, with an average monthly price of USD 112 per dry ton, down 9pct from Q1. From April to May, China’s crude steel production fell by 5pct YoY, despite a 16pct increase in steel exports, leading to a 7pct decline in domestic steel consumption during that period. Meanwhile, strong seaborne supply kept China’s monthly average iron ore imports near 110 mln tons, while portside inventories increased by 5 mln tons to 149 mln tons.
Rio Tinto reaffirmed its annual iron ore shipment forecast of between 323 and 338 mln tons, depending on weather conditions.
