2337 GMT - Rio Tinto's strong sales of its low-grade SP10 iron ore suggests demand for the steelmaking ingredient remains firm, Morgans' analyst Adrian Prendergast says in a note. The market's confidence in China's steel market in 2025 has been "understandably" rattled by the country's economic slowdown and the risk of a trade war with the U.S. "But pleasingly these tons are being digested by the global markets," Prendergast says. SP10 volumes accounted for 25% of Rio Tinto's shipments in 4Q, higher than in the first three quarters of 2024, when it accounted for closer to 18%.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
January 16, 2025 18:37 ET (23:37 GMT)
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