FMG ships 43 mln t iron ore in Jan-Mar, down 6% YoY
This brought FMG's total iron ore shipments for the first three quarters of fiscal year 2024 to 137.9 million wet tonnes, lower by 3.6% on year, as reported.
The on-year decrease in the company's iron ore shipments in Q3 FY24 mainly reflected the impact of its ore car derailment on December 30 2023 and weather disruptions, according to the report.
FMG maintained its iron ore shipment guidance for FY24 unchanged at 192-197 million wet tonnes, though it noted that the total shipments are expected to be in the lower end of the range.
During January-March, Super Special Fines was the most popular product of FMG, with its shipments totaling 17.5 million wet tonnes, accounting for 40% of the total volume. Meanwhile, Fortescue Blend took up the second-largest share of 39% with shipments of 16.8 million wet tonnes.
Among the company's total sales in Q3 FY24, some 1.1 million wet tonnes of iron ore were sold at Chinese ports through FMG Trading Shanghai Co., Ltd., the miner's wholly-owned entity in China, the report highlighted.
Regarding FMG's Iron Bridge Project, its "commissioning activities continue to make progress, including the completion of load commissioning of Dry Circuit B," according to the report, and the shipments from the project were 500,000 wet tonnes in Q3 FY24.
The report estimates that approximately 2 million wet tonnes of iron ore from the Iron Bridge Project will be shipped for this whole fiscal year.
Written by Anthea Shi, shihui@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
China's Shulanghu iron ore receiving volume exceeds 200 mln t
Jun 26, 2023 17:00
FLASH: Anglo American rejects BHP's takeover proposal
Apr 26, 2024 16:15
DAILY: China's imported iron ore prices, sales both drop
Apr 25, 2024 19:36
DCE limits iron ore futures trading after prices jump
Apr 25, 2024 12:00
Baltic index reaches over 3-week high
Apr 19, 2024 16:00