Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the quarter ended March 31 totaled 39.6 million mt, declining by six percent both compared to the previous quarter and the same period of the previous financial year.
According to Fortescue, during the March quarter it mined 44.7 million mt of iron ore, down 11 percent from the previous quarter and rising by three percent year on year.
Fortescue stated that iron ore and steel demand remained strong during the March quarter driven by ongoing construction and infrastructure activity in China. The company remains on track to deliver its shipping guidance of between 165 million mt and 170 million mt for the full 2016-17 financial year and it will continue its focus on further repayment of debt and investment in its core iron ore business.