Rio Tinto reported a 1% rise in third-quarter iron ore shipments on Wednesday, but marginally missed market expectations, as operational improvements at its Pilbara operations lifted output. Iron ore prices remained under pressure for the larger part of the third quarter due to dimmed demand prospects in top consumer China's steel market amid persistently weak property prices.

Rio Tinto Group said third-quarter iron ore shipments edged up 1% from the year before, as demand from China continued to soften amid an economic slowdown and ongoing property crisis.

Rio Tinto eked out higher iron ore shipments in the third quarter, largely in line with expectations, and said it remained on track for first production from its Simandou high-grade iron ore project in Guinea next year.

The world’s second-biggest miner by value said it produced slightly more iron ore from its Australian operations in the third quarter of 2024 but cautioned on inflation pressures.

Shares of ASX-listed Rio Tinto Limited ($AU:RIO) fell 1.32% today despite the miner reporting an increase in its Q3 iron ore shipments. For the

Rio Tinto's Q3 production results show mixed performance, with iron ore up slightly while copper and aluminum output declined compared to last year.