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Oct 18 (Reuters) - Rio Tinto (RIO) RIO.L on Tuesday reported a marginal drop in third-quarter iron ore shipments, hurt by weak global demand including in top metals consumer China which has also been struggling with a slowdown in its realty sector.
Rio has been battling with a surge in production costs while iron ore prices continue to slide over weak demand as risks of a global recession rise.
Commodity prices continued their downward trend during the quarter and there are further downside risks to demand as the global economy slows, the company said.
The world's biggest iron ore producer shipped 82.9 million tonnes (Mt) of the steel-making commodity in the three months ended Sept. 30, compared with 83.4 Mt a year earlier.
The miner reaffirmed its annual iron ore shipments forecast of 320 Mt to 335 Mt, but said that the outlook was dependent on ramping-up its Gudai-Darri and Robe Valley projects, and the availability of skilled labour.
At Gudai-Darri, the ramp up is progressing as planned and the full capacity, the company said, adding the run rate is expected to be achieved during 2023. (([email protected]; Twitter: https://twitter.com/damnit_saladin;))
News: RIO UPDATE 1-Rio Tinto quarterly iron ore shipments slip on weak China demand
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