Rio Tinto Sees Battery Metal Demand Supported by EV Sales Jump -- Commodity Comment
14 Octubre 2021 - 6:35PM
Noticias Dow Jones
By Rhiannon Hoyle
Rio Tinto PLC, the world's second largest mining company by
market value, on Friday cut its 2021 shipment and output guidance
for commodities including iron ore, citing setbacks including labor
shortages and plant disruptions. Here are some remarks from its
report.
On iron-ore supply:
"Aggregate shipments of the major seaborne suppliers are
trending flat year-on-year and are not expected to regain their
2018 levels for the third consecutive year. Higher-cost operations
which were incentivized by elevated prices have started to reassess
their viability."
On battery metals:
"Demand for battery materials has been well supported by
electric vehicle growth with global sales up 151% in the first
seven months of 2021. Electric vehicle adoption is being driven by
all major automotive markets and benefiting from improved model
variety together with the introduction of subsidies in many
markets."
On the aluminum market:
"Aluminum prices rallied to multi-year highs, driven by
extensive power-related smelting cuts in China, and concerns over
bauxite supply from Guinea. Physical markets remained very tight on
firm demand and logistical supply issues, resulting in regional
premia reaching new highs in both the U.S. and Europe."
On global trade:
"The global economy continues to recover, with vaccination rates
steadily increasing and global trade flows recovering. While
governments continue to provide active support, we remain watchful
of the risks that threaten to disrupt some of the progress already
achieved. Risks related to commodity supply and demand are
heightened due to supply chain bottlenecks as well as material and
energy shortages."
On its Australian iron-ore operations:
"Pilbara iron ore production of 83.3 million [metric] tons (100%
basis) was 4% lower than the third quarter of 2020 due to heritage
management, brownfield mine replacement tie-ins and project
completion delays. This also resulted in an increase of SP10
production in the third quarter that will continue into the fourth
quarter. We now expect Pilbara shipments to be 320 to 325 million
tons (previously at the low end of 325 to 340 million tons)
following modest delays to completion of the new greenfield mine at
Gudai-Darri and the Robe Valley brownfield mine replacement project
due to the tight labor market in Western Australia."
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 14, 2021 19:20 ET (23:20 GMT)
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