Fortescue Ships Record 49.7Mt, Updates Hematite Plan

Fortescue shipped a record 49.7 million tonnes of iron ore in the first quarter to end-September, about 4% higher year-on-year and in line with Visible Alpha consensus. Hematite volumes were 47.6 Mt and C1 hematite costs were $18.17 per wet tonne, roughly 10% lower year-on-year but about 12% higher quarter-on-quarter. Quarterly exports were lower than the prior quarter’s 55.2 Mt. The company has drawn down a ¥14.2 billion yuan‑denominated loan to help ramp up decarbonisation plans. Fortescue revised its hematite life‑of‑mine plan to include the Blacksmith project, will phase out 60% Fe West Pilbara Fines and introduce a new 55% Fe product from fiscal 2027 (expected to account for 5–6% of hematite shipments), and maintained full‑year fiscal 2026 shipment guidance of 195–205 Mt.