Fortescue Needs Strong 4Q, It May Not Get One -- Market Talk

Dow Jones04-26

2236 GMT - A strong 4Q is needed for Fortescue to meet its annual goal of iron-ore shipments of between 192 million-197 million tons, but Jefferies thinks it won't get one. Fortescue expects to achieve the low end of its guidance range after facing disruptions in 3Q from an ore car derailment and bad weather, implying minimum output of 52 million tons in 4Q. Jefferies, however, thinks annual shipments of 187 million tons are likely. "Modest iron ore recovery over April is unsustainable in our view, with further macroeconomic pressures, high supply and inventories and diminishing spot purchasing likely to pressure the broader Chinese steel market," analyst Mitch Ryan says in a note. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 25, 2024 18:37 ET (22:37 GMT)

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