FMG expects strong Chinese demand for iron ore to continue

Fortescue Metals Group (FMG) has kept its shipment guidance unchanged for its 2020 financial year (FY20) at 170-175 million tonnes, according to its latest quarterly report, released on Thursday October 24.

The shipment guidance also included 17-20 million tonnes of the miner’s 60.1% Fe Western Pilbara fines, a product first shipped out in December 2018. Strong demand from Chinese steel mills, with a focus on raw materials costs due to narrow mill margins, has ensured that demand for Fortescue’s products has remained strong in the July-September quarter, the miner said. Crude steel production in China stayed high, with 745 million tonnes produced in the first nine...

Published

Alex Theo

October 24, 2019

09:38 GMT

Singapore