Comments from Fortescue Metals Group reported by Bloomberg:
- Said China is absorbing supply increases as higher cost producers are displaced
- Chinese port and steel mill inventories have fallen below historical averages
- Major producers from Australia significantly increased output
- “This implies ongoing displacement of high cost suppliers in China and other countries”
- Shipments from Fortescue’s mines in Australia rose 49 percent to 39.9 million metric tons in the three months ended Dec. 31, from 26.7 million tons a year earlier
- Shipments fell 2 percent compared with the previous three months, the first decline since September 2012, according to the statement
More:
- Shipments from Australia accounted for 59 percent of China’s overseas iron ore purchases last year from 51 percent in 2013, according to customs data.
- Brazil’s share was 18 percent from 19 percent in 2013
- Exports from the rest of the world fell to 23 percent from 30 percent