Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Anglo-Australian iron ore miner, Rio Tinto has asked train drivers operating in Western Australia to work overtime as miners rush to ship millions of tonnes of iron ore as prices soar. 


This move by Rio Tinto comes in the wake of the country facing a severe shortage of workers due to strict COVID-19 restrictions. 


Last week, the Australia-based miner reported a 12pc decline in exports in Q2 2021 as delivery replacement mines across the country failed to adhere to production deadlines. 


Currently, Western Australia is facing a commodities boom owing to strong demand from China and new projects within the country. 


Additionally, benchmark iron ore prices have hit a record high above $230/mt in May. Tepid supply growth has led to an increase in prices which have increased to more than $220/mt on Tuesday. 



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