Rio Tinto’s new CEO Jakob Stausholm has said that sustained demand for iron ore in 2021 will benefit the miner as global supply constraints persist, especially from Brazil. The mining major produced 333.4 mn t of iron ore products in 2020 compared to 326.7 mn t in 2019. Persistent supply concerns, along with hope of bounce back in demand after the CNY holidays and rise in futures prices, account for Fe62% fines delivered to China changing hands at a 10-year-high of $174/tonne on 19 Feb’21, as assessed by SteelMint.
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