The world’s fourth-biggest iron-ore producer reported a rise in second-quarter iron-ore shipments and said first-half exports of the steel ingredient were the highest in its history.

Rio Tinto Group, the world’s biggest iron ore exporter, warned shipments of the steelmaking material will be impacted this quarter after a tropical cyclone in Australia’s northwest damaged a port facility.

Prices of iron ore futures climbed to a four-week high on Thursday, supported by reduced shipments from a major producer and growing expectations of further rate cuts by the Federal Reserve following cooler-than-expected US inflation data.

The uptick in iron ore shipments comes as Fortescue, the world’s fourth largest iron ore miner, is making continuous efforts to boost output at its new high grade Iron Bridge project, which is expected to be producing at full capacity later this year.

Iron ore shipments from Australia’s top terminal reached a record in 2024, even as top customer China has been in the throes of a steel output slowdown.