Rio Tinto reported a 5% fall in its first-quarter iron ore shipments on Wednesday, missing estimates, because of weather disruptions at ports and reduced production from some of its Western Australian mines.

Rio Tinto releases first quarter production results.

BHP said it is committed to further supporting Chinese steelmakers through multiple partnerships.

Stausholm said the supply chain for China's green transition is a whole new business opportunity for multinational corporations like Rio Tinto.

Both pellet premiums are based on Fastmarkets’ 65% Fe Brazil-origin iron ore fines CFR Qingdao index.

Serra da Serpentina has an estimated resource of 4.3bn t. Minas Rio's pellet feed ore production was 24mn t in 2023, up by 12pc from a year earlier.

Swedish iron ore producer LKAB reopened its disrupted railway line to traffic late yesterday at reduced speed and reduced load, a company source said.

"The development that Vale has achieved is inseparable from China, and our future development will also need China," Biscassi noted.