Rio Tinto Warns of China Headwinds Amid Flat Iron Ore Shipments

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A freight train carrying iron ore travels along a track in June 2022 near a Rio Tinto rail yard in Karratha, Western Australia, Australia. Photo: Bloomberg

(Bloomberg) — Rio Tinto Group said second-quarter shipments of iron ore fell 1% from a year earlier, as China’s faltering economic recovery continued to weigh on demand.

The world’s biggest iron ore producer shipped 79.1 million tons of the steelmaking raw material in the three months to June 30. While it left full-year export guidance for its core product unchanged, it trimmed output forecasts for alumina and refined copper.