H1 2023 EBITDA Overview and Oyu Tolgoi Outlook
Our major commodities: trading below their real-term 2010 average
Commodity prices (real $2023, 12 months moving average)1
180
170
160
Index, 100 = Average price since 2010
150
140
130
120
110
100
90
80
60
70
60
50
Period of oversupply
after investment boom
Global
economic
recovery
Brumadinho
tragedy
affects iron
COVID-19
stimulus fuels demand
Weaker
ore
demand,
supply chain
and
falling
restrictions
costs
hamper
supply
Average since 2010
•
·
Commodity prices falling for over a year as
commodity intensive GDP growth and
supply bottlenecks fade
Currently trading below long-term levels in
real terms
Spot prices mostly trading above the lows of
the second half of 2022, with falling input
costs impacting aluminium
40
2010 2011 2012 2013
2014
2015 2016
2017
Aluminium LME
Copper LME (c/lb)
2018 2019 2020 2021 2022
Iron ore 62% Fe (Platts CFR China)
2023
Rio Tinto
©2023, Rio Tinto, All Rights Reserved
Latest month price²
1Based on monthly average nominal prices, converted to real 2023 levels from January 2010 and provided as a 12 month moving average | 2Based on average monthly price to 24 July 2023
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