Rio Tinto Sees Strong Iron Ore Demand

The Australian reported that Rio Tinto (NYSE:RIO) says it is seeing high demand for its iron ore, in spite of falling prices. The mining giant forecast demand from China to continue, expecting crude steel production to clock in at 1 billion tonnes by 2030.

As quoted in the publication:

The Melbourne-based mining giant says the iron ore price slump, dropping to a five-year low, is due to increased supply, and because the long-term fundamentals of the industry remain robust.

It expects around 125 million tonnes of high-cost global iron ore supply to exit the market in 2014, while crude steel production remains healthy.

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