Iron ore giant Rio Tinto on Tuesday lowered its 2016 guidance for iron ore shipments citing "port and rail maintenance" during the quarter. The company now expects to ship 325 million to 330 million metric tons in 2016, down from its earlier guidance of 330 million tons.
The world's second-largest producer of the iron ore said third-quarter shipments from Australia dropped 2 percent on-quarter and 5 percent on-year to 80.9 million tons. Production guidance for 2017 was left unchanged at 330 million and 340 million tons.
Spot iron ore was at $58 a ton on Thursday, the highest in more than a month and 50 percent above from all-time lows around $38 at the end of 2015.