Rio Tinto (ASX: RIO) share price today, 21 November 2025: stock slides on alumina cuts and green steel shake‑up

Rio Tinto Ltd (ASX: RIO) shares are trading notably lower on Friday, 21 November 2025, as investors react to a mix of company‑specific news and a choppy outlook for bulk commodities.

As of the latest data this Friday, Rio Tinto is trading at around A$128–129 per share, down roughly 2.8–3.0% from Thursday’s close of A$132.12. Intraday trading has so far spanned a range of about A$128.00 to A$129.38, leaving the stock around 5% below its 52‑week high of A$135.24 but still more than 25% above its 52‑week low near A$100.75. ^[1]

According to data from Intelligent Investor, Rio Tinto shares remain up about 12% year to date in 2025, even after today’s pullback, reflecting a strong earlier run-up on iron ore strength and easing cost pressures. ^[2]

Key points

Rio Tinto (ASX: RIO) share price today: trading around A$128–129, down about 3% on Friday, 21 November 2025, from a previous close of A$132.12. ^[3]
Short‑term pressure comes as investors digest news of alumina output cuts at the Yarwun refinery, a pivot away from the BioIron green‑steel project and towards a new Calix low‑emissions steelmaking pilot, plus broader macro worries about iron ore demand. ^[4]
Fresh commentary on 21 November 2025 includes cautious broker views on iron‑ore‑heavy portfolios, renewed focus on Rio’s low‑emissions initiatives in Western Australia, and upbeat analysis on long‑term copper demandwhere Rio is seen as a major beneficiary. ^[5]
Valuation trackers put Rio Tinto on a forward P/E of roughly 13x and a P/S around 2.4–2.5x, with consensus forecasts for 2025 revenue near US$56bn and profit around US$10.5bn. ^[6]

Rio Tinto (ASX: RIO) share price today – 21 November 2025

Live pricing from major data providers shows Rio Tinto shares trading in the high A$120s on Friday, 21 November 2025. Intelligent Investor’s ASX pricing page lists a last close of A$132.12 on 20 November, with that session seeing a high of A$132.43, a low of A$129.40 and volume of just over 1.1 million shares. ^[7]

Today’s move lower to roughly A$128–129 therefore represents a drop of about A$3.7–4.0 per share, or close to 3%, giving back a portion of the strong gains notched earlier in the year. ^[8]

Over a longer horizon, Intelligent Investor’s performance data show that: ^[9]

2025 year to date: RIO is up about 12%, with a high of A$135.24 and a low of A$100.75.
Current level vs 52‑week extremes: at around A$128–129, the stock is about 5% below its 52‑week high but more than 25% above its 52‑week low, underscoring how strong the recovery from last year’s lows has been.

For investors watching Google Discover or live quote pages, RIO therefore sits in a consolidation zone – still in a positive longer‑term trend, but under short‑term pressure from both company news and sector sentiment.

All the Rio Tinto news on 21 November 2025

While the biggest price‑moving announcements landed earlier in the week, there is still fresh Rio‑related coverage hitting the wires on 21 November 2025. Here are the key pieces worth noting today.

1. Brokers warn against over‑concentration in iron ore

An article on The Motley Fool Australia published on 21 November 2025 highlights a more cautious tone on the large ASX miners. In a segment on “The Bull”, Jed Richards from Shaw and Partners discussed his sell rating on Rio Tinto shares, arguing that portfolios heavily concentrated in iron ore miners may be vulnerable if China’s steel demand remains soft. ^[10]

At the same time, the piece cites CommSec data showing that the consensus rating from around 15 analysts remains a “moderate buy”, with Macquarie holding a neutral stance on RIO, underlining the split between more cautious and more optimistic views in the market. ^[11]

This mix of one prominent sell rating sitting alongside a supportive overall broker consensus is helping to drive today’s debate around whether the recent pullback is a buying opportunity or a signal of more downside risk.

2. WA policy and battery rebates shine a light on Rio’s low‑emissions iron pilot

On 21 November, Mining.com.au reported on Western Australia’s push to become a “renewable energy powerhouse”, focusing on new battery rebates and clean‑energy initiatives across the state. Within that broader story, Rio Tinto appears via its low‑emission iron ore processing pilot facility in WA, underscoring the miner’s role in the state’s decarbonisation ambitions. ^[12]

The article follows earlier coverage from Mining Weekly (19 November) noting that the WA government has welcomed and backed Rio’s new low‑emissions iron‑ore processing pilot in Kwinana, positioning it as a potential pathway to greener steel production using Pilbara ore. ^[13]

For the share price, this stream of stories reinforces that Rio is reshaping its iron ore business for a low‑carbon future, even as the immediate costs and execution risks of such pilots weigh on near‑term sentiment.

3. Copper demand in the spotlight – and Rio named as a key beneficiary

Also dated 21 November 2025, Australian Resources & Investment published an analysis titled “Copper demand set to soar amid supply crunch”, arguing that structural under‑investment in copper mines is colliding with growing demand from electrification and renewables. Rio Tinto is highlighted in the piece under the sub‑heading “unlocking a sleeping giant”, reflecting the scale of its copper growth pipeline. ^[14]

That bullish copper story builds on a Proactive Investors report earlier in the week suggesting that Rio Tinto’s copper output could rise by around 20% in coming years as projects such as Oyu Tolgoi and other expansions ramp up. ^[15]

These narratives matter for today’s trade because they offset some of the pessimism around iron ore, reminding the market that Rio is steadily tilting its portfolio towards future‑facing metals.

4. Fresh valuation snapshots

Equity data platform Eulerpool updated its Rio Tinto page in November 2025, showing the miner on a price‑earnings ratio of about 12.98x and a price‑sales ratio around 2.45x based on 2025 expectations. It also lists forecast revenue of roughly US$55.9 billion and profit of about US$10.55 billion for 2025. ^[16]

For many investors reading Google News and Discover, these metrics frame RIO as a relatively modestly valued cyclical stock, with earnings heavily exposed to iron ore but increasingly supported by copper and aluminium.

Recent company announcements still moving the Rio Tinto share price

Although they landed in the days leading up to 21 November, several major company announcements are still echoing through today’s price action.

Yarwun alumina refinery: output cuts to extend life

On 18 November 2025, Rio Tinto announced it will reduce production at its Yarwun alumina refinery in Queensland by about 40% from October 2026 in order to extend the facility’s operational life to 2035. ^[17]

Subsequent coverage by MINING.com noted that around 180 of the refinery’s 725 jobs are expected to be impacted, although Rio emphasised that its bauxite mines and aluminium smelters will continue to operate at full capacity. The company plans to use the reduced load to trial new tailings‑management and residue‑stacking solutions to squeeze more life out of existing storage infrastructure. ^[18]

For the share price, investors are weighing:

Near‑term earnings impact from lower alumina output
vs
Longer‑term benefits of extending Yarwun’s life and reducing capital intensity.

Pivot from BioIron to Calix low‑emissions steel pilot

On 17 November 2025, Rio Tinto announced a major strategic shift in its green‑steel strategy:

It is partnering with Australian technology company Calix to build a low‑emissions iron and steel pilot plant in Western Australia, using Calix’s “Zesty” kiln technology.
At the same time, Rio is scrapping its dedicated BioIron research centre and BioIron‑branded product, despite having previously pledged A$215m to the initiative. ^[19]

The ABC’s coverage of the decision quotes Calix’s CEO describing the partnership as a major validation of the technology, while academics note that BioIron likely ran into scale‑up challenges and logistics issues around sourcing biomass feedstock at industrial volumes. ^[20]

From a market perspective, this is seen as:

A costly course correction after a decade of BioIron development, and
A signal that Rio is serious about backing scalable, hydrogen‑based green‑steel routes that could protect long‑term demand for its Pilbara iron ore.

TerraGen renewable power deal and broader decarbonisation push

Earlier in November, Reuters reported that Rio Tinto has signed a 15‑year virtual power purchase agreement with U.S. developer TerraGen to source 78.5 MW of wind power from the Monte Cristo I project in Texas, supporting decarbonisation at Rio’s Kennecott copper operations in Utah. The full wind farm capacity is around 238.5 MW, and it has recently begun commercial operations. ^[21]

The deal is another step towards Rio Tinto’s goal of cutting Scope 1 and 2 emissions by 2030 and reaching net zero by 2050, with the company already sourcing around 78% of its electricity from renewables and targeting 90% by the end of the decade. ^[22]

For investors, these announcements feed into a narrative that Rio is spending heavily on decarbonisation, which may crimp near‑term free cash flow but is increasingly necessary to maintain access to premium customers and finance.

New Simandou iron ore supply coming on stream

On 11 November 2025, Rio Tinto and its partners marked the start of operations at the Simandou iron ore project in Guinea, described by the company as one of the world’s largest untapped high‑grade iron ore deposits. High‑grade ore from Simandou is in strong demand from steelmakers looking to cut emissions. ^[23]

While volumes will ramp gradually, the project is seen as a key long‑term driver for Rio’s iron ore division – and another reason why the market is closely watching any sign of global oversupply or demand weakness.

Macro backdrop: iron ore, copper and aluminium

Rio Tinto’s share price today can’t be separated from the broader commodity backdrop.

Iron ore: demand doubts, but supply tensions

A recent piece on the iron ore market from MarketMinute highlighted that iron ore prices have been volatile in November 2025, with persistent weakness in Chinese demand weighing on sentiment even as some supply disruptions offer support. ^[24]

Adding to that, a Reuters report on 20 November noted that protracted negotiations between China’s state iron ore buyer and BHP have temporarily tightened availability of certain iron ore cargoes, underpinning prices despite the softer demand picture. ^[25]

For Rio, this combination of softer demand but constrained supply creates a tug‑of‑war in pricing – and helps explain why the share price can move sharply day‑to‑day as sentiment shifts.

Copper: long‑term deficit narrative strengthens

On the positive side, the copper market is increasingly seen as heading towards a structural deficit as grids, EVs and renewables ramp up. The Australian Resources & Investment article on 21 November argues that copper demand is set to “soar” amid a supply crunch, and singles out Rio Tinto among the major miners positioned to benefit as it boosts copper output over the next few years. ^[26]

This supportive copper narrative is one reason many analysts are reluctant to turn outright bearish on RIO despite short‑term iron ore worries.

Aluminium: surcharges and smelter economics

Bloomberg has also reported that Rio Tinto is imposing surcharges on aluminium shipments sold into the United States, reflecting tight market conditions and higher costs. ^[27]

Combined with the planned alumina production cuts at Yarwun, this highlights both the margin pressure and supply discipline at work in Rio’s aluminium value chain – another factor feeding into how investors value the stock today. ^[28]

How analysts and valuation metrics frame Rio Tinto today

Putting all of this together, broker research and valuation data paint a picture of a miner that is:

Still reasonably valued for a cyclical stock, with P/E around 13x and P/S roughly 2.4–2.5x on 2025 estimates. ^[29]
Supported by earnings from iron ore, but increasingly leveraged to copper and decarbonisation‑linked aluminium. ^[30]
The subject of mixed analyst sentiment:
- A moderate buy consensus across roughly 15 analysts, according to CommSec data cited by The Motley Fool.
- At least one sell rating (Shaw and Partners’ Jed Richards) and a neutral stance from Macquarie, reflecting genuine debate about the risk‑reward trade‑off at current levels. ^[31]

For investors scanning today’s headlines, that means Rio Tinto is neither an obvious bargain nor clearly overvalued – it sits in a zone where future commodity prices, project execution and decarbonisation strategy could swing the thesis either way.

What to watch next for Rio Tinto investors

Looking beyond today’s 21 November 2025 share price move, key watch‑points for Rio Tinto shareholders and market watchers include:

Iron ore pricing and Chinese data
- Any fresh data on Chinese steel production, property activity, or infrastructure spending will quickly feed into expectations for Rio’s largest earnings driver. ^[32]
Progress on green‑steel and low‑emissions pilots
- Updates on the Calix low‑emissions iron project in WA and related government backing will help investors judge whether Rio can maintain premium demand for its ore in a decarbonising world. ^[33]
Yarwun transition and aluminium markets
- More detail on the timing and cost of the Yarwun output cuts, workforce impacts, and any further aluminium market tightness (including surcharges) will shape views on that division’s earnings power. ^[34]
Copper and Simandou ramp‑up
- Production and cost guidance around Simandou and major copper assets will be key for long‑term growth modelling, especially against the backdrop of a potential structural copper deficit. ^[35]
Further analyst updates
- With at least one broker now publicly on sell, any cluster of rating changes – up or down – could trigger another leg of volatility in the RIO share price. ^[36]

Important: This article is general information only and does not constitute financial product advice. Investors should consider their own objectives and seek professional advice before making investment decisions.

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