Fortescue Metals Group’s export targets washed away by rain

Fortescue Metals Group’s export targets washed away by rain

Fortescue’s initial full year guidance was for exports to fit in a range between 127 million tonnes and 133 million tonnes, but that was refined to 127 in January. The 38. 7 million tonnes shipped by Fortescue in the June quarter was still a strong result, easily eclipsing the 31. 5 million tonnes shipped in the March quarter, and indicating that the company can achieved its promised export rate of 155 million tonnes per year in the future.

The iron ore miner had vowed to raise exports by 32 per cent during the June quarter to meet its full year guidance of 127 million tonnes, but confirmed this morning that it had fallen short.

He blamed large amounts of new iron ore supply for the decline in iron ore prices over the year. ‘‘Fortescue expects the iron ore market to rebalance in the short term as higher cost production leaves the market flattening the global cost curve and stabilising the price,’’ he said in a statement.

Fortescue chief executive Nev Power had conceded that the company had set itself a ‘‘stretch’’ target for the June quarter. ‘‘Like all targets at Fortescue, we set ourselves stretch targets and set out to achieve those targets,” he said earlier this year.

Read more here: SMH

    

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>