Thursday, 30 Jun 2011
Dow Jones quoted Rio Tinto PLC said there are no signs of demand tapering off for its iron ore despite a recent weakening in spot prices for the steel making commodity.
Mr Sam Walsh Rio Tinto iron ore chief executive said "We're continuing to ship flat out. He said that we've got healthy queues at both of our shipping areas we're steady as she goes."
He added that spot iron ore prices have fallen a smidgen in recent weeks, but this is a normal market fluctuation.
Mr Walsh said alongside strong consumption in China, Rio Tinto is also seeing good demand in other Asian markets such as Japan, South Korea and Taiwan.
Earlier this month Rio Tinto said that, it is quickening the pace of its expansions in the Pilbara region of Western Australia after being encouraged by strong demand for the steel-making ingredient.
The miner now expects to achieve the desired 50% capacity increase to 333 million metric tons a year in the first half of 2015, six months earlier than previously forecast.
(Sourced from Dow Jones Newswires)
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