Fortescue Reports Lower Quarterly Iron Ore Shipments
Australian miner Fortescue posted a six percent decline in first quarter iron ore shipments due to scheduled maintenance and ongoing supply negotiations with China. The company shipped 46.8 million metric tons, missing consensus estimates.
Insights:
Fortescue shipped 46.8 million metric tons of iron ore in the September quarter, dropping 6% year-over-year. The decline in Australia's third-largest miner missed Visible Alpha consensus estimates of 47.5 million metric tons. The drop reflects scheduled port outload shutdowns and ongoing supply negotiations with China.
