release time:

2014-01-30 14: 29: 28


Australia Daily

Editor in charge: Catherine

(From this report) Australia's third largest iron ore producer Fortescue Metals Group (FMG) pointed out that the bad weather in January this year will reduce iron ore exports this fiscal year.

In the 2013/14 fiscal year, FMG's mine in the Pilbara region is expected to output 1.27 million tons of iron ore, which is at the lower end of the company's previous expected range. FMG pointed out that the hurricane weather and raw material handling problems damaged January production. However, the company has kept its previous production target unchanged, which is to produce 1 million tons of iron ore before the first quarter of this year.

In the fourth quarter of 2013, FMG exported 2800 million tons of iron ore, which was higher than the 2590 million tons in the previous quarter and set a new high. FMG's average iron ore selling price for the quarter was US$125, and it said the transaction price indicated strong demand from Asian steelmakers. The price of iron ore on Thursday morning was US$122.6, lower than the US$1 touched on January 2.

FMG's production cost per ton of iron ore remains at a reasonable level-around 33 yuan. In view of the substantial depreciation of the Australian dollar, FMG has previously revised down its annual production cost to 34 yuan/ton.

At the same time, FMG also stated that the company has repaid $11 billion in debt since November last year.

Recently, FMG’s stock price is in line with the trend of iron ore prices. Due to market concerns that China’s new environmental regulations will reduce the value of FMG’s lower-grade iron ore, its stock price has been under pressure. At 13:00, Sydney Eastern Time on Thursday, FMG's share price plunged 22.5 cents to 5.075 yuan, a decrease of 4.25%.

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