Atlas exceeds full year shipment guidance

Thursday, 10 July 2014 11:10:04 (GMT+3)   |   Istanbul
       

Australian iron ore miner Atlas Iron has announced that it has beaten its full year guidance after shipping a record 3.1 million wet metric tons of iron ore in the quarter ended on June 30, increasing by 14.8 percent compared to the previous quarter. In the financial year 2013-14 ended June 30, the company shipped 10.9 million mt of iron ore, exceeding the full year shipment guidance of 10.2-10.7 million mt. The full year shipments registered a 47 percent growth compared to the previous financial year.
 
According to Atlas, the June quarter results also indicate that the company has achieved its target of hitting an annualized production rate of 12 million mt in the financial year 2013-14.

Atlas managing director Ken Brinsden said the iron ore market had softened as a result of the additional supply introduced by the major producers over a relatively short period. This, combined with current credit constraints in China, had led to lower headline prices for the benchmark 62 percent Fe product and increased discounts for product of Atlas' nature over the second half, and in particular in the June quarter.


Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials