Rio Tinto, the world’s largest iron ore producer, says China’s economic recovery has “fallen short of initial market expectations”.
The mining giant said China’s property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing.
On Tuesday, the Reserve Bank of Australia highlighted that China’s housing starts had fallen to their lowest level since 2006 and real estate investment had contracted further to be almost one-quarter below its 2020 peak.
