London, July 4, 2026, 17:01 BST
- Rio Tinto plc LON:RIO closed the week at 7,070p, falling 1.37% from last Friday. The FTSE 100 gained 1.63% to finish at 10,679.03.
- China’s state iron ore buyer has asked some steel mills to stop taking certain lower-grade portside cargoes from Fortescue Ltd ASX:FMG starting July 15, Reuters said.
- Iron ore 62% last at $98.25 a tonne, off 5.26% this month; copper was around $6.17 a pound, up roughly 23% from a year ago.
- Rio faces its next public update with the Q2 operations review due July 15, and first-half results set for July 29.
The London Stock Exchange doesn’t open Saturdays, leaving Friday’s numbers as the latest available. Rio Tinto closed at 7,070p, off 0.16% for the session. The FTSE 100 added 0.25%. Over the week, Rio dropped 1.37% from last Friday. The FTSE 100 gained 1.63%.
| London line | Latest print | Friday move | Week close-to-close |
|---|---|---|---|
| Rio Tinto plc LON:RIO | 7,070p | down 0.16% | down 1.37% |
| FTSE 100 | 10,679.03 | up 0.25% | up 1.63% |
| Anglo American plc (LON:AAL) | 3,788p/3,790p sell-buy | rose 1.18% | — |
| Antofagasta plc (LON:ANTO) | 3,857p/3,860p sell-buy | added 0.42% | — |
Rio and FTSE weekly moves use Friday closing prices. Peer numbers are the latest Hargreaves Lansdown sell-buy quotes after London closed on Friday.
The gap stands out since it wasn’t caused by a sudden drop in Rio’s main feedstocks. The latest move came after China’s state buyer pushed again for more control over iron ore, which remains core to Rio’s earnings and its cash return pitch.
China Mineral Resources Group has told some local mills not to take delivery of Fortescue’s Super Special Fines and Fortune Fines cargoes starting July 15, Reuters reported Thursday. Reuters said Fortescue had 7.22 million tonnes of Super Special Fines at major ports in China at the end of June, close to 5% of all portside stocks.
Reuters Breakingviews said China takes about 70% of the world’s seaborne iron ore, and BHP Group Ltd ASX:BHP accounts for around 40% of Chinese imports. Reuters pointed to an Australian government view that CMRG “may drive the benchmark price down in medium term.” For Rio, it’s clear: buyer-side pressure on terms can still bite even if spot iron ore just drifts. Reuters
| What’s moving Rio shares | Current data | Investor take |
|---|---|---|
| Iron ore 62% CFR/Tianjin | $98.25/t; down 5.26% in a month | Contract risk adds to a weak tape |
| Copper | Near $6.17/lb; up 22.95% on the year | Supports the Oyu Tolgoi build |
| Pilbara iron ore output Q1 | 78.8 million wet tonnes; up 13% year on year | Output wasn’t the drag |
| Q1 copper mined | 229,000 tonnes; up 9% from last year | Takes some pressure off iron ore exposure |
Trading Economics and Investing.com supplied the commodity numbers. For Rio, first-quarter production stats were from its April operations report.
Rio’s last operating update didn’t miss. Pilbara iron ore output was up 13% in Q1. The company kept its Pilbara sales target at 323 million to 338 million tonnes, and left mined copper guidance at 800,000 to 870,000 tonnes. CEO Simon Trott said “Operating excellence drove 9% YoY copper equivalent production growth,” adding that the first $650 million in annualized benefits was already in place. Rio Tinto
Lithium isn’t moving the London stock price week to week yet, but it’s in the broader portfolio case. Rio executive Jérôme Pécresse told Reuters last month the company is aiming for 200,000 tonnes of lithium output by 2028. “We want to show that we can build on time and on budget,” he said. Reuters
No Rio results are due this week before its July 15 Q2 operations review. Key questions are if Pilbara shipments bounced after the cyclone, if China port sales stayed smooth, and if Oyu Tolgoi’s copper output stayed steady. First-half results are set for July 29, when Trott and CFO Peter Cunningham host a webcast.
