Iron ore price hits five-week low as traders fret about Chinese demand
Iron ore has slumped 29% this year, hurt by the prolonged slowdown of China’s economy.
Fortescue Metals (ASX: FMG) has marked 1.5 billion tonnes of iron ore shipped from its Pilbara operations in Western Australia.
The company achieved the milestone less than three years after it celebrated shipping its billionth tonne from Herb Elliott Port in Port Hedland.
Fortescue was established in 2003 and shipped its first iron ore from Port Hedland in 2008. Since then, more than 46,680 trains have been uploaded at Port Hedland, with over 8,110 ships having left the Herb Elliot port.
The world’s no. 4 iron ore producer announced last month plans to go carbon neutral by 2030, bringing forward its previous target by 10 years, about two decades earlier than its closest rivals BHP, Rio Tinto and Vale.
As part of that goal, the company aims to produce green hydrogen at a commercial scale by 2023.
