Fortescue's iron ore shipments up by 5% YOY in Q1 FY2020
2019-10-24 13:42:11 [Print]
Australia's Fortescue Metals Group has posted a 5.0 per cent rise in first-quarter iron ore shipments in the fiscal 2020, buoyed by sustained demand for the steel-making ingredient from China.
It shipped 42.2 million tonnes in the quarter ended September 30, compared with 40.2 million tonnes a year earlier and maintained its fiscal 2020 iron ore shipments forecast between 170 million and 175 million tonnes.
Chinese demand for high-quality ore is expected to accelerate in 2020 amid a pollution crackdown, which has forced steel mills to turn to higher-grade, less polluting ore to cut emissions and maximize output.
The miner reiterated plans to deliver 17 million to 20 million tonnes of its mid-grade product in 2020, about twice as much as last year.
It shipped 42.2 million tonnes in the quarter ended September 30, compared with 40.2 million tonnes a year earlier and maintained its fiscal 2020 iron ore shipments forecast between 170 million and 175 million tonnes.
Chinese demand for high-quality ore is expected to accelerate in 2020 amid a pollution crackdown, which has forced steel mills to turn to higher-grade, less polluting ore to cut emissions and maximize output.
The miner reiterated plans to deliver 17 million to 20 million tonnes of its mid-grade product in 2020, about twice as much as last year.
