Adds FY21 steerage change, manufacturing
July 16 (Reuters) – World iron ore miner Rio Tinto RIO.AX raised its full-year iron ore manufacturing price steerage on Friday as a consequence of elevated labour and enter prices, whereas higher-than-expected rainfall within the West Pilbara area impacted its second-quarter shipments.
The world’s largest iron ore producer now expects to ship the steel-making commodity close to the decrease finish of its vary of 325 million tonnes (mt) and 340 mt in 2021.
The miner now expects unit price of $18.0-$18.5 per tonne for the yr, up from its earlier estimate of $16.7-17.7 per tonne.
The world’s largest iron ore producer shipped 76.3 million tonnes (mt) of the steel-making commodity for the three months ended June 30, in contrast with 86.7 mt a yr earlier. It barely beat a UBS estimate of 76 mt.
Manufacturing for the quarter was impacted by rainfall within the West Pilbara area, Rio mentioned, because it posted an 9% drop in output to 75.9 Mt.
(Reporting by Sameer Manekar and Anushka Trivedi in Bengaluru; Modifying by Krishna Chandra Eluri)
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.