Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the first quarter ending September 30 of the financial year 2014-15 totaled a record of 41.5 million mt, increasing by 60 percent year on year and indicating a rise of seven percent over the previous quarter.
According to Fortescue, during the September quarter it mined 42.9 million mt of iron ore, two percent lower than the previous quarter and up 23 percent year on year. Reduction in the mining rate was a strategic decision to reduce working capital, lowering iron ore stocks by a further five percent in the September quarter.
The company stated that it remains committed to its full year production guidance of 155 million mt, after posting record quarterly iron ore shipments. According to Fortescue, Chinese steel production remains strong with the decline in construction activity in China being offset by an increase in steel exports, which are on target to reach 75-80 million mt in 2014. Fortescue continues to see strong demand for its ores, reflecting the value of its high quality low impurity products.