RIO – UBS rates as Buy

Production results in the June quarter were in line with UBS estimates, with the exception of copper and titanium dioxide. Given the strong result, guidance for all commodities is unchanged except for a narrowing of the titanium dioxide band and a reduction in IOC’s iron ore pellet and concentrate production.

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RIO – Deutsche Bank rates as Hold

While believing some of the bear scenarios regarding rapidly rising scrap consumption are premature, Deutsche Bank expects Chinese demand for iron ore to peak around 2020 and limit the growth potential for the major producers. The broker reduces assumptions for Rio Tinto’s iron ore production from 2021.

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