Rio Tinto, the world's largest iron ore producer, expects shipments of the steel-making metal to reach up to 340 million tonnes in 2021.
Rio Tinto said in a statement on Tuesday that the total shipments of its iron ore business in Australia’s Pilbara region rose 1% to 330.6 million tonnes in 2020, within the company’s 324-334 million tonnes guidance.
Rio Tinto expects shipments to be in the range between 325-340 billion tonnes in 2021, by contrast, the three analysts forecast a median of 335.2 million tonnes.
The company said in a statement that despite the local impact of the New Crown epidemic in some areas, demand in China, which accounts for more than half of its revenue, is strong and procurement in Japan, South Korea and Europe is picking up.
Iron ore futures prices have risen more than 70% over the past year as supply constraints and stimulus policies in China, the largest user, have pushed demand higher. Goldman Sachs Group Inc. said the global markets were likely to remain tight in this quarter, vulnerable to weather-related supply disruptions and expected a “lear supply gap" in the first half of 2021.
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