By Rhiannon Hoyle

Rio Tinto PLC, the world's second-biggest mining company by market value, Wednesday reported a 22% rise in full-year net profit largely linked to higher iron-ore prices. Here are some remarks from that report.

On iron-ore demand:

"The Covid-19 pandemic had a disparate impact on iron ore demand in 2020, where solid growth in China's imports more than offset the contractions in all other regions. Scrap collection and availability were significantly disrupted by the pandemic, further supporting iron-ore demand at a time when extreme weather events constrained supply from the major producing regions."

On the outlook for iron-ore concentrate:

"Due to robust demand and global supply constraints, the market for iron-ore concentrate and pellets was strong throughout the year. This is expected to continue into 2021 as more steel producers requiring high-grade, low impurity pellets increase production and global supply constraints persist."

On the aluminum market:

"Demand for primary aluminium declined by around 3% in 2020, following a fall of around 1% in 2019. Covid-19 severely impacted consumption this year, but with notable regional differences in recovery rates: gradual in the developed world, with China experiencing a strong V-shaped recovery. Demand in the transport sector has been especially weak in 2020, but robust in the packaging sector. We expect overall demand to rebound in 2021, but ongoing COVID-19 restrictions and political risks remain."

On the bauxite market:

"China continues to drive demand in the global seaborne bauxite market as result of stricter environmental measures and the depletion of domestic bauxite. Chinese bauxite imports rose by around 11% to 112 million tonnes in 2020 on the back of increased imports from Guinea, Australia and Indonesia."

On the copper market:

"Prices reached a 7-year high of 361 U.S. cents per pound in December 2020, over 70% higher than the low earlier in the year, as net-long investor positions (on Comex and LME) reached the equivalent of 2 million tons. However, the rate of recovery in growth is slowing in many economies and the rise of renewed lockdowns threatens the recovery. Policy direction in the medium-term indicates a strong copper-intensive outlook with the continued rise of electric vehicles, potential green stimulus packages around the world and the Chinese push for carbon neutrality by 2060."

On the titanium-dioxide market:

"Underlying demand for titanium dioxide pigment fell sharply in the second quarter of 2020 leading to a deterioration of feedstock demand by the middle of 2020. Leading indicators suggest a recovery in 2021. Structural factors remain favourable for high-grade titanium dioxide feedstock and zircon supply."

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

02-17-21 0151ET