Rio Tinto chief announces to step up cost-cuts across all sites

The concentrate price index of domestic iron ore stood at 994.8 yuan/mt last week, up 7.4% from a week earlier. Domestic iron ore prices in the main regions rose 20-130 yuan/mt, mainly due to the following reasons. First, the steel mills have higher demand for iron ore after the National Day holiday. And the domestic ore output in some regions trended lower amid power rationing, torrential rain, transportation restrictions, but recovered slowly from the second half of last week. Meanwhile, the price increases of imported iron ore early last week boosted the domestic ore prices.

Offers of spot iron ore rose 5-10 yuan/mt on Monday May 14 as prices of futures continued to perform strongly

Metals Market Index (MMi) is pleased to send you its Daily Iron Ore Index Report, containing today's index prices, together with full specification details for MMi's indices and additional market info

A total of 73 vessels with 10.72 million mt of iron ore are expected to arrive at major Chinese ports during May 4-10, SMM learned.

Iron ore inventory at 35 Chinese ports amounted to 149.32 million mt as of Friday March 23, up 1.32 million mt from a week ago, SMM data showed.

Rio Tinto is expected to produce 510,000-610,000 mt of copper in 2018 and 225,000-265,000 mt of refined copper, the company said on Thursday.

Rio Tinto’s net profit surged over 9-fold in H1 2017 thanks to higher selling price of iron ore and other commodities.

Rio Tinto put its Silvergrass iron mine into production which is located in west Australia.

Rio Tinto officially opened its Silvergrass iron ore mine in Western Australia, the company said on its website on August 30.

At current spot prices, the smelters generate strong cash flow.