Rio Tinto Group, the world’s top iron ore exporter, said shipments of the steelmaking material slipped in the fourth quarter, as demand from China remained lackluster and production at some mines declined.

Rio Tinto reports its lowest annual iron ore shipments in two years, partly as heavy rains in Western Australia impacted output in the December quarter, but says the global economy is showing signs of strength.

For the calendar year, Rio Tinto shipped 328.6 million metric tons of iron ore from Pilbara, the lowest since 2022. It is under threat of Brazilian rival Vale potentially retaking its crown as the world’s biggest producer. Vale expects to produce 323-330 million tonnes for 2024.