Fortescue Ships 46.8Mt as Sales Lag Amid China Talks

Fortescue shipped 46.8 million tonnes of iron ore in Q1 FY27, down 6% from a year earlier, as scheduled port maintenance weighed on volumes; shipments were slightly below analyst expectations. Sales totaled 42.9 million tonnes, trailing shipments amid ongoing negotiations with China Mineral Resources Group, and the company warned unresolved talks could lead to production adjustments. Hematite unit costs rose to US$21.98 per wet tonne, while the realized hematite price was US$79.79 per dry tonne. Fortescue left its FY27 shipment, cost and capital expenditure guidance unchanged, subject to the negotiations. Its quarter-end cash balance was US$3.2 billion and net debt was US$2.8 billion, while it also reported a larger Blacksmith mineral resource and a maiden 196-million-tonne ore reserve.