LONDON, June 11, 2026, 10:09 BST
- Rio Tinto shares in London traded up 126p, or 1.68%, at 7,604p to sell and 7,606p to buy after starting the day above Wednesday’s close.
- Rio Tinto is acting after a sluggish stretch for its stock, while iron ore prices have held steady even as commodities are more volatile.
- China steel demand and Rio’s Pilbara costs are still in focus for investors, with both remaining key issues for earnings.
Rio Tinto plc gained in London on Thursday, lifting off recent lows. The stock tracked a steadier iron ore market and firmer UK mining names, giving investors a bit more confidence.
Rio Tinto was quoted by AJ Bell at 7,604p to sell and 7,606p to buy, gaining 126p, or 1.68%. Shares opened at 7,533p, moving higher than Wednesday’s close of 7,479p, and hit 7,624p during the period quoted.
Rio shares had already been falling ahead of Thursday’s move. On Tuesday, the stock dropped 1.8% to £74.69, trailing the FTSE 100 as London stocks struggled.
Rio’s move isn’t a clear-cut company story. Shares are coming off selling pressure, not running on fresh news. Iron ore, which is Rio’s main product, has held steadier than oil, copper or aluminium through the Middle East conflict, and that’s giving some support.
Singapore iron ore contracts have moved in a tight $14-a-ton range this year, Reuters said Thursday, mostly holding near $105, and finished at $101.65 a ton on June 10. The commodity is the key feedstock for steel. Rio’s Pilbara mines in Western Australia are among the major seaborne suppliers.
China is the key factor for investors here. According to Reuters, the country snaps up around 75% of global seaborne iron ore and makes over half of all steel. That means stable iron ore prices are important for Rio’s cash generation, even if other metals get hit by geopolitics or volatility in energy and broader markets.
Caveat for the market. China’s customs data put May iron ore imports at 97.71 million tons, a 6% drop from April, Reuters said, but DBX Commodities and Kpler both pegged arrivals for the month at over 105 million tons. The difference could flip in June if shipment schedules are why, but for now the signal on demand is murky.
Copper is the flipside of the Rio Tinto story. Reuters said Wednesday that three-month copper on the London Metal Exchange lost 0.32% to $13,572 a metric ton. Traders pointed to macro worries and unrest in the Middle East, which outweighed any boost from U.S. tariff talk. Copper is important for Rio, which is looking to lean less on iron ore and more on projects like Oyu Tolgoi in Mongolia.
Rio Tinto said first-quarter copper-equivalent output rose 9% from a year ago, boosted by a 9% gain in copper and more production at Oyu Tolgoi. Copper equivalent, or CuEq, puts all commodities on the same copper-price basis, making it easier for investors to track total output across the group.
Rio Tinto CEO Simon Trott said in the April update that “operating excellence drove 9% YoY copper equivalent production growth.” He also called out strong Pilbara operations, even as some shipments were hit by cyclones. Rio posted Pilbara iron ore sales at 72.4 million tons for the first quarter, up 2%. The company left 2026 Pilbara sales guidance steady at 323 million to 338 million tons. Rio Tinto
Rio Tinto remains well below its year high. AJ Bell put the top at 9,117p and the low at 4,110p, while Thursday’s price near 7,604p has the shares still down about 17% from the peak.
FTSE 100 got a lift from stronger sector action. Financials and miners were up Thursday, according to Trading Economics. Rio Tinto added around 1.6%, and Glencore, Anglo American and Antofagasta moved higher too.
The risk is that the bounce relies on stability in a market that can move fast. Rio’s annual earnings for 2025 stayed flat at $10.87 billion and missed Visible Alpha consensus, Reuters said in February. Iron ore prices dropped while copper was stronger. Reuters also reported iron ore earnings made up about 60% of total earnings, down from 70% last year, and Pilbara unit costs are set to climb again in 2026.
The next thing to watch is China’s June import and steel numbers, with attention also on Rio and its Pilbara exports after the cyclone hit. Copper prices still have interest-rate and tariff questions to work through.
