Fortescue Metals Group has reported record iron ore shipments for the half-year ending December 31, exceeding 100 million tonnes. This figure represents a 3 per cent increase compared to the corresponding period last year. Fortescue is an Australian iron ore company. It explores, develops, produces, and sells iron ore.
The increased output from Fortescue follows Rio Tinto’s recent announcement of record iron ore shipments over a three-month period, indicating strong performance across the sector. The combined effect of increased supply from major producers like Fortescue and Rio Tinto has contributed to growing stockpiles at Chinese ports, which have now reached multi-year highs.
Within its total shipments, Fortescue also reported shipping 4.3 million tonnes of magnetite concentrate, a high-grade iron ore product. This means the company will need to ramp up production in the second half of the year to meet its stated target of shipping a minimum of 10 million tonnes of magnetite concentrate in the full year ending in June.
The company’s performance reflects continued strong demand and efficient operations, however, the growing stockpiles in China may present challenges in the coming months, impacting pricing and overall market dynamics.
