Rio Tinto iron ore sales jumped 10% to 84.7M tonnes in Q2 on China steel demand. Pilbara output rose to 85.1M tonnes. Full-year guidance held at 323-338M tonnes.
Rio Tinto's iron ore sales rose 10% in the three months to June, hitting 84.7 million tonnes, the company said Tuesday. The miner shipped more ore to Chinese steel mills as Beijing's stimulus measures boosted demand for construction-grade steel.
Pilbara production climbed to 85.1 million tonnes, up from 77.9 million tonnes a year earlier. Rio Tinto maintained its full-year guidance of 323 million to 338 million tonnes, suggesting the second half will need to match the first half's pace to hit the midpoint.
China's crude steel output rose 2.3% in the quarter, data from the China Iron and Steel Association showed, driven by infrastructure spending and a pickup in property-sector activity. Rio Tinto's average realized price for iron ore came in at $98.70 per dry metric tonne, down from $104.20 a year ago but above the spot market average for the period.
The company's Alpha Score sits at 62 out of 100, a Moderate rating reflecting steady operational performance against a mixed commodity price backdrop.
Rio Tinto's copper production also rose, up 8% to 168,000 tonnes, helped by higher grades at its Oyu Tolgoi mine in Mongolia. The miner kept its copper guidance unchanged at 660,000 to 720,000 tonnes for the full year.
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