Andrew Forrest says China’s “zero covid” policy was “too tough” but the silver lining will be found in the pent-up demand it created.
over the past six months, shipping 4 per cent more volume than in the same period last year, and 17 per cent more than the equivalent period just four years earlier in 2018.It puts Fortescue on track to meet the top end of its full-year export target, even though theappears likely to make a weaker-than-expected contribution to that goal.
Dr Forrest said Chinese households and industrial customers were keen to get moving on projects that were delayed by last year’s COVID-zero policy. “That huge population are ready to roll,” he said. The comments add fuel to a 60 per cent rally in iron ore prices since Platts reported benchmark ore with 62 per cent iron was selling for $US79.50 a tonne on October 31.Fortescue received an average of $US87 a tonne for its ore over the past six months – about 88 per cent of the average price for “benchmark” ore with 62 per cent iron in the period.
“FMG’s very strong operational performance is overshadowed by weakening iron ore fundamentals, on UBS view for China’s recovery to be consumption-led and property stabilisation to be ‘L’ not ‘V’ shaped,” he said. Dr Forrest said the Simandou schedule was not influencing Fortescue’s growth plans, and that the company’s interest in Gabon’s Belinga iron ore deposit would complement, rather than compete with, its Australian mines.“We are not in a race with Simandou and we really don’t need to be. We are going to develop at Fortescue speed,” he said.
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