FMG posts record first-half iron ore shipments in FY26

Fortescue Metals Group (FMG), the world's fourth largest iron ore miner, reported record iron ore shipments during July-December last year, or the first half of its fiscal year 2026 (FY26), the Perth-based miner announced on Thursday. FMG's announcement followed those issued recently by Rio Tinto (of record quarterly deliveries) and BHP's record half-year shipments, as reported.

Specifically, FMG shipped 100.2 million tonnes of iron ore during H1 FY26, up by 3% on year, according to the company's latest quarterly report released on January 22. Among the total, 4.3 million tonnes were high-grade iron ore products shipped from its Iron Bridge project, marking a notable increase of 37% on year.

Total ore mined during the same six months was 121.5 million tonnes, 2% higher than H1 FY25, with output at Iron Bridge surging by 51% on year, the report showed.

For the past October-December quarter alone, the Australian miner's iron ore shipments increased by 1% on quarter and 2% on year to 50.5 million tonnes.

FMG iron ore

Super Special Fines remained the company's best-selling product in the October-December quarter at 21.9 million tonnes of sales. This accounted for 44% of FMG's total sales, up from the previous 39% in Q1 during July-September. In contrast, shipments of Fortescue Blend dropped to 16.9 million tonnes, and its share in the total was lower at 34%, as compared with 37% in Q1.

For the full FY26, the firm's shipment guidance remains unchanged at 195-205 million tonnes, including 10-12 million tonnes expected from Iron Bridge, according to the report.

As for its financial performance, FMG's average C1 cost for Pilbara hematite operations increased by 5% on quarter to $19.10/wmt in Q2, causing the C1 cost in H1 FY26 to average $18.64/wmt. This is slightly higher than the full-year guidance of $17.50-18.50/wmt which FMG has maintained.

Written by Irene Zhuang, zhuangailing@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com

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