China’s steel demand shifts to higher grade ore, Rio Tinto exec says

China’s steel demand is shifting to higher grade iron ore as overall demand from the residential sector falls but is offset by steel demand from the energy transition, Rio Tinto chief commercial officer Bold Baatar said on Thursday.

“The demand for high grade ore continues to be strong. The new industries such as electric vehicles and energy transition are picking up the drop in the residential sector,” he said, speaking at the Financial Times commodity summit in Singapore.

(By Naveen Thukral and Melanie Burton; Editing by Himani Sarkar)