Rio tinto says iron ore market to remain tight

Apr 14, 2011 10:50pm GMT

SYDNEY, April 15 (Reuters) - The global market for iron ore will remain tight in the near to medium term, with demand running strongly and new supply coming on slowly, miner Rio Tinto said.

"We believe that the market for iron ore will remain tight in the short to medium term with delays to new supply and strong demand driving prices," the world's second-largest producer of the steel-making raw material said in a statement released to the Australian stock exchange on Friday.

(Reporting by Mark Bendeich; Editing by Balazs Koranyi, Thomson Reuters)