FMG's Iron Ore Production Down by 8% in Q1 FY17

Fortescue Metals Group, the world's 4th largest iron ore producer, has recently released its operational review for Q1 FY17. According to the report, the miners' iron ore production is down by 8.3% Q-o-Q.

In Q1 FY17 (Jul-Sept'16), the miner has produced 43.8 MnT iron against 47.8 MnT in Q4 FY16. However, on Y-o-Y basis, production volume increased by 7% as it was 40.9 MnT in Q1 FY16.

The miner shipped around 43.8 MnT in Q1 FY17, up by 1% against 43.4 MnT in Q4 FY16. On a Y-o-Y basis, shipments rose by 2.3% as it was 42.4 MnT in Q4 FY15.

The miner maintains its iron ore production guidance for FY17 at 165-170 MnT.

The average realized prices for Q1 FY17 was USD 48.36/MT.

Iron ore and steel markets continued to be supported by infrastructure and housing activity in China during the Q1 FY17. Steel consumption in China remains stable and together with exports resulted in annualised steel production of 809 MnT at the end of September.

The company focuses on continuous innovation, improvise productivity and efficiency for ongoing cost improvements, debt reduction and enhanced shareholder value.

Note: Australian FY16 started from 01 Jul'15 to 31 Jun'16

Notification for FMG operational review for Q1 FY17