Fortescue Metals Group (FMG) posted a rise in iron ore shipments to Southeast Asia in July-September 2020 and indicated that steelmaking is now showing early signs of recovery outside China.
According to media reports, FMG’s chief operating officer, Greg Lilleyman, said that while demand for iron ore in the September quarter was driven by China, Japanese and South Korean steelmakers are also beginning to recover from the effects of the COVID-19 pandemic.
The Australian miner exported 44.3mn mt of iron ore in the quarter ended Sep 30, growing by 1.1mn mt from the same quarter last year. FMG expects to meet its FY 2021 guidance of 175-180mn mt, media reports suggested. Iron ore prices have also notably risen to $105.77/dwt in the September quarter, compared to $85/dwt in the prior year’s quarter.