SYDNEY, March 8 (Reuters) - Rio Tinto RIO.AX RIO.L on Tuesday said new iron ore supply hitting the market in 2016 will fall by nearly a third to 75 million tonnes versus last year.
"Looking forward in 2016, we estimate that around 75 million tonnes of new supply will come onto the market and this should be offset by further supply exits," Michael Gollschewski, managing director of the Pilbara Mines division of Rio Tinto, said in a speech prepared for a mining conference in Perth Australia.
Some 110 million tonnes of new low-cost seaborne supply entered the market in 2015, he said.