SHANGHAI, Apr. 20 (SMM) – Iron ore output at Rio Tinto grew to 84 million tonnes during the first quarter of 2016 ending Mar. 31, up 13 per cent year-on-year.
FMG, Australia’s third largest iron ore exporter, also lifted its iron ore output in Q1, up 14 percent year-on-year.
Rising prices of iron ore are believed to be reason behind high output at major foreign ore producers.
China Iron Ore to Keep Rising This Week, SMM Says
With Platts index climbing above $60, foreign ore producers are expected to continue increasing ore deliveries, which will add to ore inventory pressures.
According to SMM data, offers for imported ore kept rising slightly on Apr. 19, with mainstream prices for 61.5% PB powder at 450-460 yuan per tonne.
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