Australia’s Rio Tinto completes expansion project, plans to expand further

摘要

Australia’s largest iron ore producer Rio Tinto completed capacity expansion to 290 million tpy six weeks ahead of schedule. The company also confirmed its two-year plans for further expansion. The 290 million tpy expansion project was carried out to meet growing demand from China, where production rates of crude steel are expected to rise (by 31 million t or 4% in 2014) in spite of slower growth rates. Market players think that early completion of the project affects pricing in China and proves that prices are likely to drop in the short term.