Rio Tinto Q4 iron ore output rises on China demand recovery

Adds information from assertion, forecast, qualifications

Jan 19 (Reuters)Rio Tinto RIO.AX on Tuesday described a 2.4% increase in fourth-quarter iron ore shipments, helped by industrial exercise in top rated client China which the firm claimed had returned to pre-pandemic degrees.

Iron ore imports by the world’s second-biggest economic system hit a history superior in 2020 as it spent large on infrastructure to bring about an financial rebound from the coronavirus pandemic.

Rio and its friends are banking on continued progress in China, and other nations around the world looking to reignite their battered economies with large building projects that could have been sidelined previous 12 months.

“In China, the industrial sector has recovered and is now at pre-COVID stages because of to the immediate deployment of stimulus,” Rio explained in a statement.

“China’s purchasing stays robust inspite of ongoing localised impacts from COVID-19 in some regions. Demand from customers in Japan, Korea, Taiwan and Europe is recovering.”

The world-wide miner transported 88.9 million tonnes (Mt) of iron ore in the a few months to December, up from 86.8 Mt a 12 months before and a bit earlier mentioned UBS’ forecast of 88.6 Mt.

It explained it expects to ship in between 325-340 Mt of the steelmaking ingredient this year, in comparison with the 331 Mt it shipped in 2020 and a UBS estimate of 337 Mt.

(Reporting by Shashwat Awasthi and Nikhil Kurian Nainan in Bengaluru Enhancing by Nick Zieminski and Richard Pullin)

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