Australia: Rio Tinto's iron ore shipments fall by 1% y-o-y in Q2CY23

Rio Tinto, the world's leading iron ore miner, recorded shipments at 79.1 million tonnes (mnt) in Q2CY'23, a decrease of 1% y-o-y from Q2CY'22. Shipments fell by 4% q-o-q in Q2 compared to Q1, which reflects the impact of planned major maintenance at the Dampier port and a train derailment.

All figures mentioned are on 100% basis, which means that the shipments include material shipped from the Pilbara mines to the portside trading facility in China, which may not be sold onwards by the group during the same period.

Iron ore production increases in Q2CY'23

Iron ore production in Q2 rose by 3% y-o-y to 81.3 mnt against Q2CY'22. It inched up by 2% q-o-q in Q2 compared to Q1.

However, with continued operational improvements across the Pilbara system, and the implementation of the Safe Production System, full year shipments are now expected to be in the upper half of the original 320 to 335 mnt range.

IOC's pellet production decreases

The Iron Ore Company of Canada's (IOC's) iron ore pellets and concentrate production in Q2CY'23 fell by 21% y-o-y to 2.1 mnt against Q2CY'22. In June production was disrupted primarily due to wildfires in Northern Quebec and later a slightly extended shutdown.

At IOC, iron ore pellets and concentrate production guidance for CY'23 has been reduced to 10 to 11 mnt as against the earlier 10.5-11.5mnt.

IOC is a joint venture between Rio Tinto, Mitsubishi and the Labrador Iron Ore Royalty Income Corp.