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Rio Tinto quarterly iron ore shipments rise 5% on China demand

Reuters
Updated
The Rio Tinto mining company's logo is photographed at their annual general meeting in Sydney

(Reuters) - Global miner Rio Tinto <RIO.AX><RIO.L> said on Wednesday its third-quarter iron ore shipments rose 5%, helped by higher demand from Chinese steelmakers.

The global miner shipped 86.1 million tonnes of iron ore in the July-September quarter, compared with 81.9 million tonnes a year earlier.

Rio maintained its iron ore shipment forecast for the year of between 320 million and 330 million tonnes. Iron ore typically accounts for more than 60% of Rio's earnings.

Global iron ore production has largely stabilized in recent months after a fatal dam collapse in Brazil squeezed supplies. Prices have also come off their highs touched earlier this year following the incident.

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Rio cut its bauxite and alumina production forecast for the year, citing poor weather and facility maintenance.

(Reporting by Ambar Warrick and Nikhil Kurian Nainan in Bengaluru; Editing by Anil D'Silva)