(Bloomberg) -- Fortescue Ltd.’s second-quarter iron ore shipments edged up 1% from the year before, amid rising concern the world’s biggest producers of the steel-making material will create a supply glut as demand from China wanes.
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The Australian miner exported 49.4 million tons of iron ore in the three months to end-December, it said in a statement Thursday. It retained full-year shipment guidance of 190 million tons to 200 million tons.
The Perth-based company, helmed by billionaire and Chairman Andrew Forrest, last year backtracked on plans to become a green hydrogen powerhouse and remains less diversified in other commodities than its peers. That’s raised concerns Fortescue is over-exposed to iron ore, as demand from China faces headwinds due to the nation’s ongoing property crisis and plateauing steel needs.
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