Earlier this month, rival Rio Tinto RIO.AX reported a 12% drop in shipments as bad weather hit its West Australian operations, while BHP BHP.AX posted record annual iron ore output. Robust steel production and strong profits at mills fuelled iron ore demand from China in the first half and sent prices for the raw material to all-time highs. The miner said crude steel production outside of China had largely recovered to pre-COVID levels, though its quarterly costs jumped 17% mainly due to the impact of inflation and COVID-19 related expenses.