Rio Tinto Group, the world’s top iron ore exporter, said shipments of the steelmaking material slipped in the fourth quarter, as demand from China remained lackluster and production at some mines declined.

For the calendar year, Rio Tinto shipped 328.6 million metric tons of iron ore from Pilbara, the lowest since 2022. It is under threat of Brazilian rival Vale potentially retaking its crown as the world’s biggest producer. Vale expects to produce 323-330 million tonnes for 2024.

Rio Tinto’s iron ore exports took a hit during the fourth quarter and in 2024 overall, giving more detail on the longstanding weak demand for capesize bulk carriers during the period that has bled into 2025.

Rio Tinto reports its lowest annual iron ore shipments in two years, partly as heavy rains in Western Australia impacted output in the December quarter, but says the global economy is showing signs of strength.

The miner said it produced 328.0 million metric tons of iron ore last year at mines in Australia’s Pilbara region —1% lower compared with 2023.

Sky News Business Reporter Edward Boyd says Rio Tinto iron ore shipments were down “just one per cent” over the last 12-month period.