Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the third quarter ended March 31 of the financial year 2018-19 totaled 38.3 million mt, falling by ten percent compared to the previous quarter and down one percent from the same period of the previous financial year.
The company stated that the impact of Tropical Cyclone Veronica remained limited to 2.5 million mt of shipments lost due to closure of Port Hedland port for five days. Meanwhile, in the given period, the average price received increased to US$71 per dry metric ton (dmt) compared to the December quarter price of US$48/dmt, representing a 47 percent increase.
According to Fortescue, during the March quarter it mined 48 million mt of iron ore, down two percent from the previous quarter and up by 15 percent year on year.
The company expects its iron ore shipments in the financial year 2018-19 to be around 165-170 million mt.
