Commodities Buzz @Capitalstars: Fortescue Iron Ore Shipments Reach 38.7 Million Tonnes in March 2018 Quarter


Capitalstars

Fortescue has released its March 2018 quarterly production results, reporting iron ore shipments of 38.7 million tonnes (mt) and cash production costs (C1) of US$13.14 per wet metric tonne (wmt). Year to date C1 costs are US$12.43/wmt, equivalent to a C1 cost of US$11.90/wmt after normalising for an assumed exchange rate of US$0.75 and fuel costs of US$53 per barrel (WTI). Fortescue refinanced its 9.75% Senior Secured Notes during the quarter transitioning the balance sheet to an investment grade structure and reducing annual borrowing costs by US$130 million.

Cash on hand at 31 March 2018 was US$2.6 billion inclusive of amounts committed to the repayment of debt and the interim dividend in April 2018. The adjusted cash balance at 31 March 2018 is US$0.6 billion. Net debt at 31 March 2018 reduced to US$3.1 billion from US$3.3 billion at 31 December 2017. Exploration spend was primarily focussed on iron ore and lithium in the Pilbara with expenditure of US$13 million during the quarter. This brings the total FY18 expenditure to-date to US$42 million.

The rebound in steel demand post Chinese New Year was slower than expected with ongoing localised sinter plant restrictions and recent lower blast furnace operating rates contributing to the market conditions. A seasonal lift for the remainder of this quarter is expected to be supportive of steel markets and is key to the ongoing strength in iron ore demand. Profit margins for China's steel mills have declined from the peaks reached in the December 2017 quarter and there are now signs that steel mills are refocussing on costs resulting in increased demand for Fortescue's high value-in-use lower iron content ores.


HAVE A NICE DAY!!!!!!

WWW.CAPITALSTARS.COM+917316690000

----------------------***-----------------------


Click here for Our Best Services

http://capitalstars.com/precious-metals-free-commodity-tips/
Free Commodity Tips -

Precious Metal Pack is one of our packages for MCX Traders. In this package, we provide Accurate Mcx Tips & Free Commodity Tips i.e. gold tips & silver tips


http://capitalstars.com/option-premium-share-tips/

Commodity Tips -

We provide you daily intraday option premium calls, share tips, stock options Tips, nifty option premium calls with high-level accuracy.



Share Tips

Share Tips -

Bullion Intraday is including Bullion tips, commodity trading tips, Gold,Silver, Aluminium, Nickel, Lead, Copper, N G, with 90% accuracy for MCX Traders.

Share:

1 comment:

  1. Thanks for great posting ..

    “Price is what you pay; value is what you get.’

    Expertise you need. Service you deserve!

    A higher financial altitude with HIGHLIGHT INVESTMENT!!.

    We Provide Free trial by experts advice CLICK HERE

    ReplyDelete