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PrintAccording to the comments made by the top officials of Australian mining giant, Rio Tinto, the company would modify its production forecast for iron ore over the next five years in the midst of potential weak demand of iron ore from China, its biggest client.
The company estimated that the lower end of the projected annual exports for iron ore could be trimmed to 300 million tons in 2018 from the previous forecast of 360 million.
The inventories at iron ore mines, awaiting delivery to China, have also begun to rise to around 23.5 days’ worth last month from a five-year low in June of around 19.5 days, Barclays said, suggesting that Chinese demand may not be sustained over a long haul.
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