Australian miner Fortescue on Thursday declared its Q4 production report with a record iron ore shipment of 47.4mn mt for the quarter and 178.2mn mt for FY20 exceeding the top end of guidance of 177mn mt and 6pc higher than FY19 on back of strong demand from China.

 

World’s major importer of raw material, China, raised its crude steel production in the June quarter to 268.9mn mt. Production reached 499.0mn mt for the first half of 2020, increasing 1.4pc from the prior-year period, according to China’s National Bureau of Statistics

 

Revenue reported in FY20 was $79.00/dmt which is 21pc higher than FY19. Total export value this year for Australian iron ore settled at $100bn for the first time.

 

Iron ore prices has rose to $110/mt on strong demand from China, however the oversupply risk could bring down the prices in near month.

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