Reportedly, Rio Tinto said no signs showed that the demand for iron ore would slide even the spot prices for steel making commodity has remained weak recently.
Mr. Sam Walsh, the chief executive of Rio Tinto Iron Ore indicated the spot iron ore prices have dropped in recent weeks, but, it’s a normal market fluctuation.
Also, he added that Rio Tinto has seen the good demand in other Asian market such as Japan, South Korea and Taiwan along with the strong consumption in China.
Meanwhile, the company said in the earlier this month that it has been speeding up the expansion in the Pilbara region of Western Australia, driven by the strong demand for iron ore.
Rio Tinto expected to achieve 50% capacity increase to 333 million tons in the first half of 2015, six months earlier than the previous forecast.
( Source: www.yieh.com )