Wednesday, June 29,
Rio Tinto, the Australian mining giant said on Tuesday there are no signs of demand tapering off for its iron ore despite a recent weakening in spot prices of iron ore.
“We’ve got healthy queues at both of our shipping areas,” said Rio Tinto iron ore chief executive Sam Walsh. Spot iron ore prices have fallen a “smidgen” in recent weeks, but this is a normal market fluctuation.
Alongside strong consumption in China, Rio Tinto is also seeing good demand in other Asian markets such as Japan, South Korea and Taiwan, Walsh added.
Earlier this month Rio Tinto said that it is quickening the pace of its expansions in the Pilbara region of Western Australia, after being encouraged by strong demand for the steel-making ingredient.
The miner now expects to achieve the desired 50% capacity increase to 333 million metric tons a year in the first half of 2015, six months earlier than previously forecast.
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