Rio Tinto increased iron ore sales by 5% y/y in 1H2026

Mining giant Rio Tinto increased its iron ore sales by 5% in the first half of 2026 compared with the same period last year, reaching 157.7 million tonnes. Despite a successful start and exceeding quarterly forecasts, the company will need to perform even more strongly in the second half of the year to meet its annual targets, according to Reuters.

In total for the second quarter, the world’s largest producer of iron ore sold 85.3 million tonnes of ore from its Pilbara deposits (Western Australia). This exceeded analysts’ expectations, who had forecast sales of 83.6 million tonnes, as well as the figure for the second quarter of last year (79.9 million tonnes). To meet its annual target of 323–338 million tonnes, the company will need to step up the pace of shipments in the coming months. Against the backdrop of strong operational results, the company’s shares rose by 2.8%.

The average selling price of ore in the first half of the year improved to $85.2 per tonne. However, Rio Tinto warns that the escalation of the conflict in the Middle East involving the US, Israel and Iran has driven up fuel prices. Rising energy prices have pushed up the global cost curve for the sector, particularly for producers heavily reliant on diesel fuel. At present, geopolitical tensions have not caused any direct disruptions to production, but the company is preparing contingency plans in case of an escalation in the Strait of Hormuz.

In the first half of the year, Rio Tinto’s global iron ore production rose by 5% compared with the same period last year, reaching 169.9 million tonnes. These results were achieved thanks to improved operational efficiency in the Pilbara region, where the company recorded its highest first-half production volume since its all-time record in 2018. Over the same period, production in the Pilbara rose by 6% compared with last year to 162.3 million tonnes, whilst shipments increased by 5% to 157.7 million tonnes.

It is worth noting that, for the year ending 2025, Rio Tinto shipped 326.2 million tonnes of iron ore from the Pilbara region, a 1% decrease year-on-year. Ore production at mines in Western Australia last year totalled 327.3 million tonnes, matching the 2024 level. For 2026, the company forecast total iron ore shipments of between 343 and 366 million tonnes.