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 2019-20 totaled 42.3 million mt, falling by nine percent compared to the previous quarter and up ten percent from the same period of the previous financial year, despite weather disruptions and coronavirus measures. The company stated that its year-to-date shipments are a record 130.9 million mt.
In the given period, the average price received increased to US$73 per dry metric ton (dmt), representing robust demand for the company’s products.
According to Fortescue, during the March quarter it mined 41.9 million mt of iron ore, falling by 23 percent from the previous quarter and down by 13 percent year on year.
The company has upgraded its iron ore shipment guidance for the financial year 2019-20 to around 175-177 million mt from 170-175 million mt, while it has revised total capital expenditure to $2-2.2 billion from $2.4 billion.