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Australia’s
Fortescue on Thursday forecast higher iron ore shipments for fiscal 2025 and
posted a 24% sequential rise to record shipments in the fourth quarter.
The world’s fourth
largest iron ore producer now expects to ship between 190 million metric tonnes
(Mt) and 200 Mt of the steel-making commodity in fiscal 2025, up from 191.6 Mt
shipped in fiscal 2024. That compares with Visible Alpha’s consensus estimate of 201 Mt shipments, according to a note from
Goldman Sachs.
Production in the quarter was higher due to
the implementation of a recovery plan in response to the ore car derailment and
weather disruptions in the prior quarter.
Fortescue said it shipped 53.7 million
tonnes (mt) of iron ore in the three months ended June 30, compared with 43.3
Mt in the previous quarter, beating a Visible Alpha’s
consensus estimate of 51.4 Mt, according to a Morgan Stanley note.