Rio Tinto: slower Chinese steel demand growth to weigh on iron ore

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Publish time: 21st March, 2013      Source: ChinaCCM
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Reportedly, Rio Tinto, the world's second largest iron ore producer, said it expects iron ore prices will face pressure in the second half of the year due to slow growth of steel demand from its top customer, China and increased iron ore supply.

However, Rio Tinto is aggressive expansion plan in iron ore even the market has shrink over future demand from China.

Greg Lilleyman, Rio's head of Pilbara iron ore operation said Rio is seeing steel demand slowly inevitably but still see pretty strong prices. China is the world's biggest customer for iron ore, but high steel stockpiles and government efforts to curb housing prices have cast doubt on the pace of steel demand growth this year.