Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the quarter ended September 30 totaled 41.9 million mt, increasing by one percent year on year and registering a fall of 1.17 percent from the previous quarter.
According to Fortescue, during the September quarter it mined 45.1 million mt of iron ore, seven percent more than the previous quarter and up five percent year on year. The company stated that iron ore inventory levels remained broadly consistent with the prior quarter following the progressive draw down of inventory to levels which support current production volumes.
Physical demand for Fortescue’s product remains strong despite the softening of steel markets in China. The recent price stability reflects general supply and demand balance in iron ore markets as evidenced by the relatively constant level of Chinese port stocks, approximately 80 million mt, during the given quarter. Fortescue reaffirms its financial year 2015-16 shipping guidance at 165 million mt.