Australian mining company Rio Tinto saw its exports rebound by about 2% year on year in 2023, achieving the highest level in the past five years, local media reported.

The company's Western Australia shipments reached 331.8 million tonnes in 2023, supported by the successful ramp-up of the Gudai Darri mine. Although slightly below analyst expectations of 86.9 million tonnes, Rio shipped 86.25 million tonnes in the fourth quarter of the year from Western Australia.

Encouraged by the growth, the company expected a further increase in iron ore exports in 2024, targeting shipments between 323 million and 338 million tonnes, with a likelihood of even exceeding 2018's shipments of 338.16 million tonnes to set a new record.

Rio's strengthened export volumes coincided with robust iron ore prices. Ore with 62% iron was fetching $127.50/t on January 15.

However, the company noted a slowdown in Chinese steel production rates in late December but a solid rate of iron ore imports, leading to a rise in iron ore stockpiles at Chinese ports by 6 million tonnes in the final quarter of 2023.

These supply and demand observations suggest a potential softening of iron ore prices in the coming weeks.

(Writing by Riley Liang  Editing by Emma Yang)
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