SMM4 24: Rio Tinto recently released its first quarter 2020 production report. According to operating data disclosed by Rio Tinto, iron ore shipments in the Pilbara region of the group were 73 million tons in the first quarter, an increase of 5 percent over the same period last year, while iron ore production in the Pilbara region was 77.8 million tons, an increase of 2 percent over the same period last year.
Rio Tinto said iron ore shipments in the Pilbara region were 73 million tonnes (on a 100 per cent equity basis), up 5 per cent from the first quarter of 2019. This is mainly due to the strong recovery of the entire operating network in March after Tropical Cyclone Daming (Damien) crossed the border in February 2020. At the same time, spot trade, piloted at Chinese ports, will continue to advance, with 1 million tons of iron ore sold so far.
Pellet and concentrate production at (IOC), a Canadian iron ore company, increased by 3 per cent compared with the same period in 2019. All major projects made good progress in the first quarter but are currently affected by the new crown pneumonia outbreak including government restrictions on the movement of goods and people. Recovery progress may vary from region to region.
In China, demand for high-quality iron ore remained strong in the first quarter of 2020, mainly due to disruptions in seaborne supplies and continued strong demand from Chinese steel mills in the face of the epidemic.
In terms of product production guidance targets, Rio Tinto has maintained its target for iron ore shipments in the Pilbara region, which is between 324 million and 334 million tons this year. But Rio Tinto cut its production targets for copper and refined copper:
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