Iron ore flows are picking up momentum. Rio Tinto just posted a 7% jump in Q4 shipments, hitting a record 91.3 million tons—that's some solid output growth. Looking at the full year, their exports landed at the lower end of guidance, which signals some caution heading into 2025. For those tracking macro trends, commodity movements like these tell a story about industrial demand and global economic health. When major mining operations hit record volumes but remain conservative on forward guidance, it typically reflects mixed signals from key demand centers. This kind of data matters for understanding inflation dynamics and whether we're seeing sustained industrial activity or just cyclical blips. Worth keeping an eye on as these fundamentals ripple through different asset classes.