Rio Tinto expects recovery in Chinese demand
The world's second largest
iron ore producer
Rio Tinto Group announced that the company was expecting a rebound in Chinese demand for the
iron ore due to the declining inventories of the steelmakers in the country.
Iron ore imports to
China fell to 21.8 million metric tons in May following the government's 8% tariff on
iron ore imports and restricting the number of companies importing the commodity.
The company claimed that the current slowdown in
China's demand was a temporary situation.
Rio Tinto Group also recently announced about a 50% share purchase from Western Australian Hope Downs
iron ore mine for $402 million.