Fortescue posts record iron ore shipments for FY 2019-20 despite Covid-19

Thursday, 30 July 2020 12:58:58 (GMT+3)   |   Istanbul

Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the fourth quarter ended June 30 of the financial year 2019-20 rose by 11.8 percent compared to the previous quarter and by two percent year on year to 47.3 million mt, constituting a quarterly shipment record. According to Fortescue, during the June quarter it mined 57.2 million mt of iron ore, rising 36.5 percent from the previous quarter and down by one percent from the same period of the previous financial year.

Meanwhile, in the given period, the average price received increased to US$81 per dry metric ton (dmt) compared to the March quarter price of US$73/dmt, representing a 10.9 percent increase quarter on quarter, while the average revenue for the full financial year 2019-20 increased to US$79/dmt, showing a 21 percent rise year on year.

During the full financial year, despite the coronavirus pandemic, Fortescue’s iron ore shipments amounted to 178.2 million mt, six percent higher than the previous financial year owing to a range of measures the company implemented in response to the outbreak, exceeding the top end of its guidance which was 177 million mt and achieving an annual shipment record for iron ore. In the same period, the company mined 204.3 million mt of iron ore, falling by one percent year on year.

Fortescue said that demand for its products remains strong as shipments continue to China and other markets. The company expects its iron ore shipments in the financial year 2020-21 to be around 175-180 million mt.

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