Rio Tinto's iron ore shipments rise slightly

Rio Tinto reported a 1% increase in iron ore shipments from July to September, with Western Australia (WA) operations forecasting 323 million to 338 million tonnes for 2024. However, the company revised its guidance for output from the Iron Ore Company of Canada (IOC) to between 9.1 million and 9.6 million tonnes, down from a previous estimate of 9.8 million to 11.5 million tonnes.

IOC's production reached 2.1 million tonnes in the third quarter, an 11% decline from the previous year. Low-grade SP10 iron ore constituted 19% of WA shipments, marking a 2% rise from the first half of 2024.

Sales at Chinese ports increased to 20.4 million tonnes from January to September, with 90% of this year's portside sales being either screened or blended at Chinese ports. The average realised price for iron ore was $99 per dry metric tonne during the July-September quarter, an 11% decline from the previous quarter. The company maintained its cash operating cost guidance for the Pilbara region at $21.75 to $23.50 per tonne for 2024.