FMG Hits the Iron Ore Production Target in FY15

FMG iron ore exports grew up to 33% in Australian financial year 2015.

Fortescue Metals Group, the 4th largest  miner in the world, has hit its iron ore production target for Australian FY15. With the end of Australian financial year 2015 (starting 1st July’14 to 30th June’15), the company registered production of 165.4 MnT iron ore as per its report of June’15. Exports were up by 33% this fiscal.

The company plans to maintain exports at these levels for the next financial year 2016, while other major Australian miners namely BHP, Rio Tinto, Roy Hill and Brazilian miner Vale have plans to grow their production in over next 12 months.

Earlier, FMG forecast was to ship about 150-160 MnT iron ore in FY15. But in April’15, it has increased its forecast to 160-165 MnT.

Seaborne Iron Ore Prices

Today, Chinese Spot Iron ore fines (Fe 62%) prices remained unchanged compared to yesterday’s closure and stood at USD 50.6/MT, CFR China.

Global Iron Ore Prices as on 23 July’15

CNF China prices
Source: SteelMint Research

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