“Markets remain volatile, but our business is resilient and our operations are performing strongly,” said Rio Tinto chief executive Tom Albanese.
Rio’s third-quarter iron ore output was up 5.6% to 52.6mt versus the same quarter a year ago, the company said in its quarterly activities report.
The move will come as an additional boost the dry bulk sector which has seen rates improve on increased cargoes to China.
Chinese news agency Xinhua reported that inventories in imported iron ore shot up by 360,000t to 101.6mt in 25 Chinese ports over the past week.
CIMB analyst Raymond Yap said: “The recovery had come about despite the Golden Week holidays in China, with brokers reporting that market participants were returning late last week.”
“In the coming weeks we could possibly see additional iron ore restocking by Chinese steel mills that could push rates up further.”
Last month iron ore prices sank below $87 per ton as demand for the commodity in China eased. Prices have since recovered to around $113 per ton.
But analysts have raised doubts about whether the higher prices can be sustained once Chinese steel mills have replenished their inventories.
On Tuesday smaller rival Fortescue Metals Group said it plans to boost production in the current fiscal year as it predicted a recovery in prices to around $120 a ton.
BHP Billiton, the world’s third-biggest iron ore miner behind Rio and Vale, releases its quarterly production data on Wednesday.
