Meanwhile, the head of Rio's iron ore unit, Sam Walsh, said in Australia on Tuesday that he saw a bottoming out in demand for raw materials in China.

In New York, Rio Tinto's American Depository Receipts were trading up $2.55 at $176.39. The company's one-time takeover target, BHP Billiton, saw its ADRs climb 42 cents to $34.29. Vale ADRs, meanwhile, were up 9 cents to $18.80.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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