Rio Tinto, Fortescue record profits near end on price view, dim demand

July 26 (Reuters) - Australian iron ore miners Rio Tinto (RIO.AX) and Fortescue Metals Group Ltd (FMG.AX) are unlikely to see a repeat of record profits booked in recent years as they face soaring costs, falling prices and a tight labour market.

Rio Tinto, the world's biggest iron ore producer, may see its first-half earnings drop by about a third, while Fortescue could report up to a 40% drop in annual profit, according to Refinitiv estimates.