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Global mining giant Rio Tinto on Tuesday posted second-quarter iron ore shipments below analyst estimates, reflecting impacts to production from a train derailment in mid-May.
Rio had in May said that a train had derailed at its Western Australia iron ore operations which had then led to around six days of lost rail capacity.The firm’s report comes as hopes for more stimulus from China has helped iron ore prices rebound recently after weak construction sector demand from the country led to a dull first half.
Signalling weak domestic demand, China’s steel exports in the first half of the year jumped 24% from a year earlier, pointing to a faltering construction sector, which is a heavy user of the metal. Rio flagged possible delays at its greater Nammuldi project, part of its next tranche of mine replacements.
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