Australia’s Fortescue lifts iron ore sales in Jan-Mar

: Metals
25/04/29

Australian metal producer Fortescue shipped 46mn wet metric tonnes (wmt) of iron ore on a 100pc basis in January-March, up by 6.5pc on the year, despite facing weather challenges.

Fortescue left its export guidance for the 2025 financial year ending 30 June unchanged at 190mn-200mn wmt of ore, including 5mn-9mn wmt of magnetite concentrate from its Iron Bridge mine, in its January-March quarterly report on 29 April.

The company sold 143mn wmt of ore, including 4.7mn wmt of Iron Bridge magnetite, in the nine months to 31 March.

Fortescue increased its shipments across every product category on the year in January-March (see table), because of the partial ramp-up of Iron Bridge and an ore car derailment in January-March 2024. These factors offset the impact of multiple cyclone-related port disruptions in Western Australia (WA) over January-February.

Fortescue's Iron Bridge magnetite sales tripled on the yearbut remained flat on the quarter in January-March. The company is reviewing the 22mn t/yr mine's ramp-up schedule and will announce a plan to reach full capacity by late June.

Fortescue originally planned to increase Iron Bridge's output to capacity by September, before it in February backed away from that date. The company improved ore processing circuits at the mine during the last quarter, replacing the lining of air classifiers, Fortescue told investors on 29 April.

Fortescue's iron ore fines products accounted for 55pc of its total sales in January-March, down slightly from 56pc a year earlier. Iron ore fines tend to be less valuable than similarly graded iron ore lumps, as they require additional processing.

Fortescue's iron ore cash costs decreased by 7pc from $18.93/wmt a year earlier to $17.53/wmt, on the back of mine performance improvements. The company left its cash cost guidance for the 2025 financial year unchanged at $18.50-19.75/wmt. Fortescue's cash costs hovered in the upper end of its guidance over the first half of the 2025 financial year, reaching $19.20/wmt.

Many of Fortescue's WA competitors experienced sales declines in January-March, because of cyclone-related disruptions. WA iron ore shipments from global metals firm BHP and UK-Australian producer Rio Tinto declined by 7.8pc and 18pc on the year, respectively, during the quarter.

Argus' iron ore fines 62pc Fe (ICX) cfr Qingdao price has been falling since late-January. It was last assessed at $99.10/t on 28 April, down from $105.25/t on 31 January.

By Avinash Govind

Fortescue Shipments by Product							mn wmt
	Jan-Mar '25	Jan-Mar '24	Oct-Dec '24	Jul-Mar '25	Jul-Mar '24	y-o-y Change (%)	YTD Change (%)
Iron Bridge Concentrate	1.5	0.5	1.5	4.7	0.6	200.0	683.0
West Pilbara Fines	3.4	3.0	3.6	10.6	11.6	13.0	-8.6
Kings Fines	4.0	3.9	4.1	11.8	11.2	2.6	5.4
Fortescue Blend	17.0	17.0	18.0	53.0	58.0	3.0	-10.0
Fortescue Lump	1.8	1.6	1.9	5.8	6.1	13.0	-4.9
Super Special Fines	18.0	18.0	20.0	58.0	50.0	2.9	15.0
Other	0.0	0.0	0.0	0.0	0.2	-	-100.0
Total	46.0	43.0	49.0	143.0	138.0	6.5	3.8
Fortescue

Argus' iron ore cfr Qingdao prices ($/t)

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

25/05/22

Chile chooses Rio Tinto to tap top Li deposit

Sao Paulo, 22 May (Argus) — Chile's national mining company Enami chose Anglo-Australian Rio Tinto as its partner to explore and develop the Altoandinos project, the largest undeveloped lithium deposit in the country. The agreement — a public-private concession — gives Rio Tinto a 51pc stake in the project , with Enami holding the remaining 49pc. Both parties will invest a combined $3bn into the project, with Rio Tinto paying $425mn, according to Enami. Enami's board unanimously chose Rio Tinto out of a pool including China's BYD, French Eramet and South Korea's Posco. The miner will be responsible for the project's entire operation, which will be based on its proprietary direct lithium extraction (DLE) technology. DLE does not require brine to be evaporated and allows for a much faster, more environmentally friendly operation, the company said. Rio Tinto will also help Enami finance the project until it reaches financial operation and will contribute to all necessary expenses to conduct a pre-feasibility study. Rio Tinto's DLE expertise helped close the deal because its Rincon plant in Argentina will be used as a demonstration and pilot plant for the Chileans since both brines have similar compositions, Enami said. The Altoandinos salt flar, or salar, has more than 15mn metric tonnes (t) of lithium carbonate equivalent (LCE) and production can reach 75,000t/yr, according to Enami. There is no time set yet for the project to start operating. This comes less than a week after Chilean copper giant Codelco chose Rio Tinto as its partner to explore the Maricunga salt flat , the second largest undeveloped lithium deposit in Chile. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

'Insolvent' Liberty House put into judicial management

25/05/22

'Insolvent' Liberty House put into judicial management

London, 22 May (Argus) — Liberty House Group, part of the GFG Alliance, has been placed into judicial management by the High Court of Singapore, following an application by steelmaker ArcelorMittal. ArcelorMittal filed for judicial management after Liberty's failure to pay it €240mn in arbitral awards in 2024 , in relation to its purchase of the latter's Ilva-related disposals. The deal to buy those assets was known in Liberty as "Project Delta". In response to ArcelorMittal's application, Liberty filed for a moratorium, proposing a scheme whereby it would offer a 1pc return to creditors on liabilities of $4.2bn. This money would be raised by its subsidiaries OneSteel or Liberty Primary Metals Australia, but was later reduced from $42mn to $30mn, following the South Australian government placing OneSteel into administration. Liberty said it would still be able to secure the lower funds from the sale or fundraising of its Tahmoor coking coal plant. As of 31 March 2024, Liberty House Group had just $59,088 in cash and no ability to raise funds on its own, Judge Kumar Nair said in his ruling, adding it was "indisputably insolvent". "In essence, Mr Gupta was proposing to raise funds from entities he ultimately owned and controlled to enable the company to discharge its debts entirely by paying one cent to the dollar, while retaining (beneficial) ownership and control of the company and the group", Nair added. Separately, accounts to 30 June 2023 for Liberty Primary Metals Australia, which would help fund the scheme, were "qualified" by the auditor, Nair said, quoting "significant doubt" on the company's ability to continue as a going concern". This was not mentioned in any affidavits regarding the scheme provided by GFG Alliance head Sanjeev Gupta, Nair said. Liberty House Group's "lack of candour cast serious doubts on its bona fides" and ability to make any repayments, Nair added. The judge said it would be preferable for creditors for the business to be placed into judicial management, rather than liquidated. An old organisation chart shows Liberty House Group controls Liberty Commodities and Liberty Industries Holding, with the latter sitting above most UK entities, except the mothballed Newport rolling mill. Although it is not clear whether the corporate structure has changed since. "This is a long-running commercial dispute related to a contested claim from 2019, which GFG continues to challenge through legal means", a GFG spokesperson said, adding it had "served an intention to appeal to have the order overturned". By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

European Parliament adopts carbon border changes

25/05/22

European Parliament adopts carbon border changes

Brussels, 22 May (Argus) — The European Parliament today approved changes to the bloc's carbon border adjustment mechanism (CBAM) that are estimated to exempt 90pc of importers from the measure, linked to the EU emissions trading system (ETS), although a final legal text still needs to be agreed with EU member states. The parliament adopted by a large majority the European Commission's proposal, with a minor amendment to clarify that CBAM covers electricity importers but not power generated "entirely" in the European Economic Area (EEA) countries Iceland, Liechtenstein and Norway and imported to the EU. These countries are covered by the EU ETS. The adopted text also confirms the start date for CBAM certificate sales as 1 February 2027, pushed back from 2026 previously, to "address significant uncertainties related to the year 2026". Parliament said the new de minimis mass threshold of 50t would exempt 90pc of importers from the CBAM. The commission designed the changes to continue to cover the bulk of CO2 emissions from imports of iron, steel, aluminium, cement and fertilisers. Most fertiliser imported to the EU is in the form of bulk shipments, which are well above 50t. Russia earlier this week launched a formal dispute procedure at the World Trade Organisation against CBAM as an "alleged export subsidy". By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexican GDP outlook dims on tariffs: IMEF

25/05/21

Mexican GDP outlook dims on tariffs: IMEF

Mexico City, 21 May (Argus) — Mexico's association of finance executives IMEF lowered its 2025 growth forecast for a fourth consecutive month, citing the growing impact of US tariffs on the economy. GDP is now expected to grow just 0.1pc in 2025, according to IMEF's May survey, down from 0.2pc estimates in April, 0.6pc in March and 1pc in February. The number of respondents forecasting a contraction in GDP rose to 16, or 37pc of the sample, from nine in April. While the US has granted some exemptions and discounts for Mexican goods meeting regional content rules, IMEF said the effective tariff rate on Mexican exports remains higher than that for Canada, Brazil, India, Vietnam and others. "We're already seeing the [tariffs'] impacts," said IMEF economic studies director Victor Herrera, adding that May trade data will likely show a sharp drop in Mexican exports to the US. Trade is also being hit by a screwworm outbreak in cattle that led to port closures last week and curtailed beef exports, which account for $1.3bn in annual exports. More automakers could relocate or scale back production in Mexico, Herrera said, after Stellantis confirmed plans to shift some operations to the US and recent reports Nissan may close one or both of its Mexican plants. In response, Mexico this week sent deputy economy minister Luis Rosendo Gutierrez to Tokyo to meet with Mazda, Nissan, Toyota and Honda executives. IMEF cut its 2025 job creation forecast to 200,000 in May from 220,000 in April. Mexico's social security administration IMSS reported only 43,500 new jobs over the past 12 months as of 5 May. Beyond trade, IMEF flagged uncertainty from recent constitutional reforms and the potential for a US tax on remittances as additional risks to growth. The group held its 2025 inflation forecast steady at 3.8pc, despite Mexico's consumer price index rising to 3.93pc in April from 3.80pc in March . IMEF noted concerns about a potential rebound in inflation later this year after the central bank cut its benchmark interest rate by 50 basis points to 9pc on 8 May — the third such cut in 2025. The group now sees the end-2025 rate at 7.75pc, down from 8pc previously. IMEF expects the peso to end the year at Ps20.80/$1, slightly lower than the Ps20.90/$1 forecast in April. The peso recently strengthened to Ps19.34/$1, though Herrera said this reflected dollar weakness more than peso strength. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IEA warns of lithium and copper deficits by 2035

25/05/21

IEA warns of lithium and copper deficits by 2035

London, 21 May (Argus) — The Paris-based IEA has warned that global deficits of copper and lithium by 2035 could be exacerbated in some regions owing to concentration of supply and refining, leading to a potential "Opec moment" for critical minerals. In its new Global Critical Minerals Outlook report, the IEA said lithium could see a 40pc deficit by 2035, even if all current projects proceed, while copper is expected to reach a 30pc deficit by the same year. "Diversification is the watchword for energy security, but the critical minerals world has moved in the opposite direction in recent years, particularly in refining and processing," the report's executive summary said. "The average market share of the top three refining nations of key energy minerals rose from around 82pc in 2020 to 86pc in 2024 as some 90pc of supply growth came from the top single supplier alone: Indonesia for nickel and China for cobalt, graphite and rare earths." In the lithium market, demand tripled from 2020 to 2024, and will triple again by 2035. By then, the electric vehicle (EV) sector will make up 90pc of additional demand while 95pc of future demand growth comes from battery applications: EVs, grid-scale energy storage and battery backup systems, reaching 3.7mn t LCE by 2035. Three countries — Australia, China and Chile — will control up to 69pc of lithium mining by 2030, while China is expected to control 62pc of refining by the same year. "China extracts only 22pc of lithium — but controls 70pc of global refining and 95pc of hard-rock lithium processing," the report said. The copper market is also expected to grow rapidly, supporting the energy transition, but underinvestment and dwindling resource quality will limit supply. Copper demand rises by 30pc by 2040 under the IEA's base-case (STEPS) scenario, up from 27mn t in 2024 to 34mn t by 2040. The IEA predicts a sharp deficit in supply by 2035, up to a 30pc deficit in primary supply. China is expected to dominate refining of copper, responsible for 47pc in 2030. The report said investment of up to $150bn-180bn is needed to keep pace with the global energy transition. "Despite strong copper demand from electrification, the current mine project pipeline points to a potential 30pc supply shortfall by 2035 due to declining ore grades, rising capital costs, limited resource discoveries and long lead times," the report said. By Thomas Kavanagh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more