This Morning in Metals: Rio Tinto’s 3Q Iron Ore Production Rises 6%
This morning in metals news, Rio Tinto released its third-quarter production figures, India has proposed an anti-dumping duty on flat-rolled steel from China and other countries, and copper prices dropped after a strike was averted at Chile’s Antofagasta.
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Rio Tinto Posts Strong Third Quarter
Miner Rio Tinto posted third-quarter iron ore production of 87.3 million tons, marking a 6% increase on a year-over-year basis and a 10% increase compare with Q2 2019.
Bauxite production increased 9% year over year, while aluminum production fell 3%.
“We have delivered improved production across the majority of our products in the third quarter, with a solid result at our Pilbara mines driving increased sales of iron ore into robust markets,” Rio Tinto CEO J-S Jacques said. “Our strong value over volume approach, coupled with our focus on operational performance and disciplined allocation of capital, will continue to deliver superior returns to shareholders over the short, medium and long term.”
India Proposes Anti-Dumping Duty on Chinese Flat-Rolled Steel
The Indian government Tuesday proposed a new flat-rolled steel anti-dumping duty on imports from China, Vietnam and South Korea, Reuters reported.
The duty, once implemented, will be effective for six months, according to the report.
Copper Drops on Antofagasta News
After Chilean copper miner Antofagasta reached a new 36-month contract with laborers at its Los Pelambres mine, copper prices moved downward, Reuters reported.
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Three-month LME copper dipped 0.2% Wednesday to $5,764 per ton, according to the report.
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