Fortescue is out with June quarter production report today and it has missed slightly on expectations shipping 38.7 million tonnes (mt) of iron ore for the quarter and 124.2mt for the year.
It’s now operating above nameplate capacity at an annual rate of 160mt per annum. If there’s iron ore rationing going on it does not appear to be FMG.
The average realised price was $106 per tonne across the year versus and average benchmark price of $122. It’s a lot lower now than at the beginning of the year.
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Share were down early but have recovered some ground. There’s nothing here that changes my view.
