Rio Tinto: Demand for Australian Iron Ore Strong

MarketWatch reports that Rio Tinto PLC (NYSE:RIO,LSE:RIO) says the demand for iron ore continues despite lowering spot prices.

The market news is quoted as saying,

Spot iron ore prices have fallen a “smidgen” in recent weeks, but this is a normal market fluctuation, Walsh said.

Alongside strong consumption in China, Rio Tinto is also seeing good demand in other Asian markets such as Japan, South Korea and Taiwan, Walsh added.

Rio Tinto’s Iron Ore Chief Executive, Sam Walsh says,

We’ve got healthy queues at both of our shipping areas — we’re steady as she goes

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