Rio Tinto expects China’s economy to recover in second half of 2024

Mining giant Rio Tinto expects China’s economy to gradually recover in the second half of 2024 due to Chinese policymakers continuing to provide stimulus to the infrastructure sector. Rio Tinto says the world’s second-largest economy began to stabilise in the fourth quarter, with an increase in the production of vehicles and consumer goods helping to offset the prolonged weakness in the property market. Rio Tinto posted its annual production update on Tuesday, with the company shipping 332 million tonnes of iron ore in 2023 – up three per cent on the year prior. During the December quarter, iron ore prices rose 17 per cent to an average price of $US129 per tonne. Rio Tinto will report its full-year profit results next month.