|Rio Tinto has lowered its 2016 guidance for iron ore shipments by 5 million tonnes after it released lower 3Q shipping data citing shipping interruptions. Rio Tintois the world's second-biggest iron ore after BHP. |
Rio Tinto said shipments from Australia fell 2 percent in the third-quarter to 80.9 million tonnes and 5 percent from the same period a year ago.
"Shipments were reduced by port and rail maintenance during the quarter and annual shipment guidance is revised to between 325 and 330 million tonnes for 2016," Rio Tinto said.
Prior full-year guidance was for 330 million tonnes, Rio has left 2017 production guidance unchanged at between 330 million and 340 million tonnes.
Iron ore has enjoyed the recent private equity and hedge fund speculative squeeze higher in commodities such as oil. It was trading at month highs at $58 a tonne prior to the release. The move was said to be from China buying. China's iron ore imports were 93 million tonnes in September, the second highest on record.
BHP Billiton on Wednesday held fiscal 2017 production guidance for iron ore of 265 million to 275 million tonnes after posting a modest 1 percent decline in output in the September quarter.
Sources: FT, Reuters, Rio TintoFrom The Traders Community News Desk