Rio Tinto beats quarterly iron ore sales estimates, flags rising diesel costs

Rio Tinto, the world's largest iron ore producer, sold 85.3 million metric tons of the steel-making commodity from its Pilbara operations in the three-month period ended June 30, ahead of the Visible Alpha consensus estimate of 83.6 Mt.

That compared with 79.9 Mt of iron ore sold in the same quarter last year.

First-half sales came in at 157.7 Mt, 5% higher than last year, leaving Rio Tinto on the hook for a stronger second half to hit its 2026 forecast of between 323 Mt and 338 Mt.

"Higher energy costs have lifted the global iron ore cost curve, particularly for marginal suppliers with greater exposure to diesel prices," the company said.

Average pricing in the first half at its Pilbara operations improved to $85.2 per wet metric ton on a free-on-board basis from $83.2 per wmt last year.