Mining giant Rio Tinto expects the Chinese economy to gradually recover in the second half of 2024 as Chinese policymakers continue to boost the infrastructure sector. Rio Tinto said the world’s second-largest economy began to stabilize in the fourth quarter, with increases in vehicle and consumer goods production helping to offset prolonged weakness in the property market. Rio Tinto published its annual production update on Tuesday, with the company shipping 332 million tonnes of iron ore in 2023 – a three percent increase on the year before. During the December quarter, iron ore prices rose 17 percent to an average price of $129 per tonne. Rio Tinto will announce its full-year earnings results next month.
<!-- wp:html --><p>Mining giant Rio Tinto expects the Chinese economy to gradually recover in the second half of 2024 as Chinese policymakers continue to boost the infrastructure sector. Rio Tinto said the world’s second-largest economy began to stabilize in the fourth quarter, with increases in vehicle and consumer goods production helping to offset prolonged weakness in the property market. Rio Tinto published its annual production update on Tuesday, with the company shipping 332 million tonnes of iron ore in 2023 – a three percent increase on the year before. During the December quarter, iron ore prices rose 17 percent to an average price of $129 per tonne. Rio Tinto will announce its full-year earnings results next month. </p><!-- /wp:html -->