Great Iron Ore Wave Set to Peter Out as Shippers Hold Steady
- Rio Tinto expects its shipments to rise 3% at most in 2018
- Iron ore exporters ‘haven’t pushed envelope’ on supply: ANZ
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Rio Tinto Group forecasts its iron ore 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.
The world’s second-largest exporter expects shipments from Western Australia of between 330 million metric tons and 340 million tons in 2018, the company said Tuesday, confirming guidance published last month. That compares with 330.1 million metric tons recorded last year.