- Write by:
-
Thursday, January 30, 2020 - 11:28:00 AM
-
541 Visit
-
Print
Mining News Pro - Australia’s Fortescue Metals Group Ltd reported a 9% rise in second-quarter iron ore shipments on Thursday, helped by robust demand from top consumer China for the steel-making material.
According to Mining News Pro - China’s iron ore imports in 2019 stood at their second-highest level ever, ramping up in December, as Beijing’s move to increase stimulus projects and avoid an economic slowdown led to strong demand from the property and infrastructure sector.
Chinese demand for high-quality ore is expected to accelerate in 2020, although prices are expected to stabilise and stay flat across the year.
The world’s fourth largest iron ore producer shipped 46.4 million tonnes (mt) of the commodity during the quarter ended Dec. 31, compared with 42.5 mt a year earlier.
The appetite for the commodity remained robust despite prices soaring about 140% during the period amid supply crunches.
The average price Fortescue received for its iron-ore during the quarter rose 58% to $76 per dry metric tonne. The company’s mix of higher grade products allowed it to get 86% of the premium 62% Platts benchmark, against 89% in the previous quarter.
Cash production costs for the quarter came in at $12.54 per wet metric tonnes, below $13.02 in the same period last year.
In a separate release, the miner said it was investing $450 million to provide low-cost power to its mine sites in Pilbara.
Short Link:
https://www.miningnews.ir/En/News/481032
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
Rare earths prices in top producer China jumped to their highest in more than seven weeks on Monday on a wave of ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
Mining News Pro - The DRI manager of Hormozgan Steel Company's said: According to the plans made in line with the ...
No comments have been posted yet ...