SEATTLE (Scrap Monster): According to Rio Tinto, the increased stimulus measures by the Chinese administration will deliver gradual recovery to broader economy during the current year. The economy has already started showing signs of stabilizing in the last quarter of 2023, it noted.
The iron ore prices ended the previous year with gains of almost 20%. However, the steelmaking raw material has witnessed sharp decline by nearly 8% so far this year, mainly due to demand concerns and muted property sector. It must be noted that Rio Tinto’s iron ore output had registered 2% decline during Q4 last year to total 87.5 million tons. During the entire year 2023, the company produced 331.5 million tons of iron ore, higher by 2% year-on-year.
The iron ore shipments by Rio Tinto had totalled 331.8 million tons during the previous year. It expects the shipments to range between 323 million tons and 338 million tons of iron ore this year.
The Chinese iron ore consumption is anticipated to hit a peak soon. The additional consumption growth will be mainly driven by urbanization in India and across other Asian countries. The global iron ore demand is expected to soar by nearly 25% by 2050, Rio Tinto said.
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