Rio Tinto, one of the world’s largest natural resources companies, has warned that some of its customers were asking to delay shipments of metals, in a clear sign that the financial turmoil is starting to hit the commodities sector.
The warning represents a marked shift in industry sentiment from only six weeks ago, when most miners, commodities traders and oil groups painted a bullish outlook for commodities demand and prices despite falling equity markets.
“It is noticeable that markets are somewhat weaker,” said Rio Tinto chief executive Tom Albanese in an interview. “In a few cases, customers are asking to reschedule deliveries. “This is consistent with customers being cautious about the current state of business.”
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