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Fortescue Ltd.’s robust ore shipments roseate 1% past 4th from the twelvemonth before, adding to interest the world’s biggest producers of the steel-making worldly are fueling a proviso glut arsenic Chinese request wanes.
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Bloomberg News
Paul-Alain Hunt
Published Jan 22, 2025 • 2 infinitesimal read
(Bloomberg) — Fortescue Ltd.’s robust ore shipments roseate 1% past 4th from the twelvemonth before, adding to interest the world’s biggest producers of the steel-making worldly are fueling a proviso glut arsenic Chinese request wanes.
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The Australian miner exported 49.4 cardinal tons of robust ore successful the 3 months to end-December, it said successful a connection Thursday. Fortescue retained full-year shipment guidance of 190 cardinal tons to 200 cardinal tons.
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The Perth-based company, helmed by billionaire and Chairman Andrew Forrest, past twelvemonth backtracked connected plans to go a greenish hydrogen powerhouse and remains little diversified successful different commodities than its peers. That’s raised concerns Fortescue is over-exposed to robust ore, arsenic request from China faces headwinds owed to the nation’s ongoing spot situation and plateauing alloy needs.
The miner continued to little its accumulation costs successful the period, but said dense rainfall had caused it to trim larboard stockpiles of ore successful Western Australia’s Pilbara region. Its larger peers, BHP Group and Rio Tinto Group, were likewise impacted. The upwind events came arsenic Fortescue conducted a large attraction shutdown astatine its Iron Bridge project, which is present being ramped backmost up to afloat production.
Fortescue has been devoting funds to robust ore exploration successful the Pilbara and successful Africa’s Gabon. It’s besides searching for captious minerals successful Argentina, Peru and Kazakhstan.
Iron ore remains Fortescue’s lifeblood. The institution enactment its extremity of producing 15 cardinal tons of greenish hydrogen a twelvemonth by 2030 connected clasp past year. Activity connected the exertion was slowed down crossed the board, and it chopped astir 700 jobs.
Fortescue’s bigger rivals person been diversifying into different commodities — peculiarly copper — arsenic appetite for robust ore flattens.
BHP earlier this week said robust ore output roseate 1% successful the aforesaid period, but copper accumulation surged 17% up of an expected roar successful request for the metallic that’s cardinal to the vigor transition. Meanwhile, Rio said this period shipments of the steelmaking worldly slipped 1% adjacent arsenic copper exports expanded 26%.
(Updates with details throughout.)
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