This Morning in Metals: Rio Tinto reports Q2 production results

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This morning in metals news: Rio Tinto reported its Q2 production results; U.S. unemployment rates were down in seven states in June; and, lastly, the U.S. once again led the way in petroleum and natural gas production last year.

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Rio Tinto reports Q2 production results

Rio Tinto sign

Argus/Adobe Stock

Miner Rio Tinto recently reported its Q2 production results, reporting Pilbara iron ore production of 75.9 million tons.

The total marked a 9% year-over-year decline and a 1% decline compared with the previous quarter.

Bauxite production reached 13.7 million tons, or down 6% year over year and up 1% from the previous quarter.

Unemployment falls in seven states

Unemployment rates fell in seven U.S. states in June, the Bureau of Labor Statistics reported.

Meanwhile, unemployment rates rose in three states and were stable in 40 states.

“Nonfarm payroll employment increased in 25 states, decreased in 1 state, and was essentially unchanged in 24 states and the District of Columbia in June 2021,” the BLS reported. “Over the year, nonfarm payroll employment increased in all states and the District.”

US leads in natural gas, petroleum output in 2020

Lastly, in the energy sector, the U.S. once again led the world in petroleum and natural gas production last year.

“More petroleum and natural gas was produced in the United States than in any other country during 2020 (a trend that began in 2014), despite year-on-year declines from the record-high production in 2019,” the Energy Information Administration reported. “U.S. petroleum and natural gas output in 2020 totaled 66.9 quadrillion British thermal units (quads), which was more than both Russia’s 45.5 quads and Saudi Arabia’s 26.5 quads of petroleum and natural gas production.”

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