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Far fewer iron ore shipments through the last three months to the end of September has seen Fortescue Ltd (ASX:FMG) shares slide by -3% today.
The Pilbara-based iron ore heavyweight has been trading $19.17 a share.
Market sentiments trended negatively after Fortescue on Thursday reported it had shipped 11 percent less iron ore through the first quarter of FY25. In raw weight, the company’s total shipments came out to be 47.7 million tonnes. The first-quarter haul also included 1.6mt from the Iron Bridge magnetite project.
While shares dropped, Fortescue Metals CEO Dino Otranto actually celebrated the quarterly news – the 47.7 million shipped tonnes marked a record first quarter for the company. In FY24’s opening stanza, iron ore shipments were four percent lower.
One reason why investors were less than eager on the October 24 report may be the struggling Fortescue Energy results – things boiled down to a ‘holding pattern’ for that sector.
“We continue to progress our green energy projects globally in a disciplined manner as we wait for the appropriate policy settings to support the market development,” Fortescue Energy chief executive Mark Hutchinson said in the update.
Mr Otranto added Fortescue looks “on track” to meet its FY25 market guidance.
Other celebrated milestones for the Pilbara major included work starting at Green Metal Project at Christmas Creek as it builds a green metal supply chain.
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