Rio Tinto has reported a slight decline in its fourth-quarter and full-year iron ore shipments from the Pilbara region. The miner exported 85.7 mln tons of iron ore in Q4 2024, down 1pct YoY. Total annual shipments reached 328.6 mln tons, aligning with the company’s guidance.
Despite global economic resilience, with moderating inflation and stabilizing growth, challenges like geopolitical tensions and ongoing labor shortages persist. Rio Tinto noted that China’s economic growth is shifting from the property sector to advanced manufacturing and new technologies.
Iron ore prices dropped by 8pct over the quarter, but the average monthly price in Q4 was USD 103 per dry metric ton (Platts CFR 62pct Fe index), 4pct higher than in Q3. China’s crude steel production recovered, reaching an annualized run-rate of over one bln tons, with increased steel exports partially offsetting weaker domestic demand. Seaborne supply decreased by 2pct quarter-on-quarter, in line with typical seasonal patterns. China’s iron ore inventories at 47 major ports slightly reduced to 156 mln tons, though still 31 mln tons higher than at the start of 2024.
Rio Tinto anticipates iron ore production costs in the Pilbara will be at the upper end of their USD 21.75 to USD 23.50 per ton range, driven by higher-than-expected inflation and reduced production. The company forecasts shipments between 323-338 mln tons for 2025, consistent with last year’s figures.
