SMM: Rio Tinto, the world's second-largest iron ore exporter, reported a 14 per cent year-on-year increase in shipments in the second quarter, largely due to improved productivity and good weather. Rio Tinto's Australian iron ore shipments rose to 88.5 million tonnes in the second quarter from 77.7 million tonnes in the same period last year, according to analysts surveyed by Bloomberg.
Manufacturers expect shipments to peak for the full year (previously guided shipments of 330 million to 340 million tons). Citigroup iron ore analysts said in a report: "China's steel and power industry to set strict steelmaking emission standards, as well as steel mills' improved profit margins have led to increasing demand for high-grade mines."
Prices are projected to remain above $60 per tonne by the end of 2019. Iron ore benchmark down 0.3 per cent
Iron ore was priced at $63.25 a tonne on Monday, according to agency data.
Zhang Qian translated from extranet
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