FMG iron ore shipments stood at 46.4 million mt in Q4, flat from the previous year

SHANGHAI, Jan 28 (SMM) — The Australian iron ore miner Fortescue Metals Group released a production report today. The report showed that iron ore shipments in the second quarter increased by 4.7% from the first quarter, benefiting from the surge in Chinese demand. Shipments in the quarter stood at 46.4 million mt, which was flat year on year. Its iron ore shipments totalled 180.3 million mt in 2020, up 4% from 2019.

In terms of output, FMG's iron ore processing volume in the fourth quarter came in at 44.2 million mt, down 4% year on year.

In terms of varieties: its flagship product, FMG Blended Fines, shipped 18.3 million mt, accounting for 39% of total shipments. Super Special Fines shipped 14.2 million mt, accounting for 31% of total shipments. West Pilbara Fines shipment volume stood at 3.8 million mt, accounting for 8%. King powder shipment volume came in at 3.9 million mt, accounting for 8%. FMG block shipped 3.8 million mt, accounting for 8%.

In the fourth quarter, FMG's C1 cash cost stood at $12.81/wmt, up 1% from the previous quarter and up 2% year on year.

The report stated that the guidelines for fiscal year 2021 remain unchanged (based on AUD:USD 0.70): The shipping volume of iron ore will stand at 175-180 million mt. C1 cash cost will remain at $13/wmt - $13.5/wmt. Capital expenditures will come in at $3 billion - $3.4 billion.