Adds particulars on shipments, outlook, background
July 29 (Reuters) – Australia’s Fortescue Metals Group Ltd FMG.AX on Thursday narrowly beat its full-year estimate for iron ore shipments after a document fourth quarter, as robust industrial exercise in high client China drove demand for the steelmaking ingredient.
Strong metal manufacturing and robust earnings at mills fuelled iron ore demand from China within the first half and despatched costs for the uncooked materials to all-time highs.
The world’s fourth-largest iron ore miner shipped 49.three million tonnes (Mt) of ore within the quarter ended June 30, in contrast with 47.three Mt a yr in the past, edging previous a UBS estimate of 49 Mt.
It reported shipments of 182.2 Mt for the yr, above its personal forecast of 178 Mt to 182 Mt, and guided shipments to 180-185 Mt for fiscal 2022.
The miner mentioned crude metal manufacturing outdoors of China had largely recovered to pre-COVID ranges, although its quarterly prices jumped 17% primarily because of the influence of inflation and COVID-19 associated bills.
Earlier this month, rival Rio Tinto RIO.AX reported a 12% drop in shipments as unhealthy climate hit its West Australian operations, whereas BHP BHP.AX posted document annual iron ore output.
(Reporting by Shashwat Awasthi and Arundhati Dutta in Bengaluru; Enhancing by Maju Samuel)
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