The world’s second-largest iron ore exporter, Rio Tinto Group, expects its shipments from Western Australia to be between 330 and 340 million metric tons in 2018. Overall the company expects shipments will remain flat this year or rise by 3 percent at most, reinforcing market sentiment that a wave of new supply is turning into a trickle. Rio closed its Hope Downs 4 mine in Australia for two weeks in December, after the operation met annual targets early, amid a “focus on value over volume,” the company said in the statement.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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