Cookie & Privacy Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. View the privacy policy to find out more here.

Kallanish Kallanish

Knowledge matters Knowledge matters

November, 23rd 2020

Free Trial Buy Subscription
OCT 29

FMG iron ore shipments decline in third quarter


Australian miner Fortescue Metals Group (FMG) says although iron ore shipments declined during the first fiscal quarter through September (FQ1), cash costs also saw a reduction.

Some 46 million tonnes of iron ore was processed in FQ1, up by 8% month-on-month and 2% year-on-year. Iron ore shipments were down by -5% on-quarter to 44.3mt, but this was still a growth of 5% y-o-y, Kallanish notes.

C1 costs in the period averaged $12.74/wet metric tonne (wmt), -2% lower than the prior period. The average revenue per tonne was 31% higher than the last quarter at $105.77/dry metric tonne.

In terms of guidance for the whole of the fiscal year through June 2021, FMG expects iron ore shipments to reach 175-180mt and C1 costs to meet $13-13.5/wmt (based on an assumed exchange rate of AUD:USD 0.7). Its Iron Bridge Magnetite project is progressing on schedule and budget, with the first shipment of concentrate planned in the first half of calendar-year 2022, the miner says.

Article comments

Michael Jordan
Oct. 30, 2020, 4:05 a.m.

damn, as the result, the price of 52100 steel round bar is rasing