News: RIO UPDATE 1-Rio Tinto's first-quarter iron ore shipments fall 5%, slightly misses estimates

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April 17 (Reuters) - Rio Tinto (RIO) RIO.L reported a 5% fall in its first-quarter iron ore shipments on Wednesday, hit by weaker volumes due to weather disruptions at ports and reduced production.

Lower production and mine depletion in its Yandicoogina mine in Western Australia contributed to the fall in shipments, which was partially offset by its other operations.

The world's largest producer of iron ore shipped 78.0 million metric tons (Mt) of the steel-making commodity from its Pilbara operations for the three months ended March 31. That compares with the Visible Alpha consensus of 79.6 million Mt.

The company had shipped 82.5 million Mt of iron ore in the same period in 2023.

Rio Tinto's report comes as prices of iron ore, which fell during the quarter and accounts for more than 80% of its underlying operating earnings, are expected to rise on the back of increased demand from top consumer China following its recent economic stimulus measures.

Meanwhile, the company reaffirmed its fiscal 2024 iron ore shipments forecast of between 323 million metric tons and 338 million metric tons.