Fortescue Metals Group – world’s 4th largest iron ore producer witnessed rise in iron ore shipment. Shipments increased to 44.3 mn t in Q3 CY20, as against 42.2 mn t in Q3 CY’19. The shipments depicted rise due to increase in Chinese demand of sinter fines.
However, on a quarterly basis, the miner recorded a drop of 6% in shipment against 47.3 mn t in Q2 CY’20 due to planned seasonal activities.
West Pilbara fines shipment up in Q3CY’20
West Pilbara fines shipment for the quarter Q3 CY20 witnessed at 4.5 mn t, up against 4.3 mn t Q3 CY’19. On a quarterly basis, the sales dropped as compared to 4.9 mn t in Q2 CY’20.
FMG iron ore production picked for the quarter
The total mined ore for the third quarter (Q3 CY20) recorded at 58.4 mn t, as compared to 50.6 mn t in Q3 CY’19. Ore processing and rail achieved record first quarter volumes due to consistent performance of the ore processing facilities and healthy product stocks at mines.
On quarterly basis too, mined ore picked up 15% as compared to 57.2 mn t in Q2 CY20.
Guidance
- FY’21 guidance: FMG FY’21 (July 20-June’21) shipment guidance intact at 175-180 mn t.
- Cost guidance for FY’21 : It has been set at $13-13.5/wmt
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