FMG: Iron Ore Shipments Fall 9% in Q3 CY19
Fortescue Metals Group - world's 4th largest iron ore producer, depicted fall in shipments in Q3 CY19 to 42.2 MnT. The shipments recorded a drop of 9% Q-o-Q as against 46.6 MnT in previous quarter. On yearly basis, shipment was marginally up compared to 40.2 MnT in same time frame last year.
West Pilbara fines shipment down 9% Q-o-Q
West Pilbara fines shipment for the quarter Q3 CY 19 witnessed at 4.3 MnT, down 9% against 4.7 MnT in last quarter. The shipment stood in line with laid guidance at 17-20 MnT for FY20.
FMG iron ore production down 12% in Q3 CY19
FMG recorded mined ore production at 50.6 MnT in Q3 CY19, down 12% as against 57.6 MnT in last quarter. On yearly basis, the production volume fell slightly as against 51.9 MnT in Q3 CY18.
Shipments to Non-Chinese markets accounted for 6% of total shipments
Non-China markets accounted for 6% of total shipments during the quarter, at around 2.5 MnT. The demand from Chinese mills remained strong amid lower steel margins.
Recent Updates
* FY'20 guidance: FMG FY'20 (July’19-June’20) shipment guidance remains unchanged at 170-175 MnT, inclusive of 17-20 MnT of west Pilbara Fines product. The miner C1 (cash production cost) is expected to be in range of USD 13.25-13.75/wmt .
*Eliwana mine and rail project: The project is progressing on schedule and ore is expected to be delivered in Dec 2020. The project is expected to support West Pilbara Fines production of 40 MnT p.a.
*Iron Bridge Magnetite Project: The project is on schedule to produce premium 67% iron grade in first half of 2022.
*Autonomous Haulage (AHS): FMG focuses on driverless trucks to cut costs. The project is under progress with 73 trucks converted at Christmas Creek, bringing the total autonomous fleet to 142 towards Sep’19 end. The conversion to fully autonomous mining is expected to be completed by mid 2020.
source: SteelMint
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