Fortescue iron ore shipments fall 6% in September quarter

• Fortescue reported total iron ore shipments of 46.8 million tonnes for the September 2026 quarter, a 6% decline year-on-year.
• The miner's net debt increased from US$0.9 billion to US$2.8 billion following dividend and capital expenditure payments.
• Full-year guidance remains unchanged as the company continues sales negotiations with China Mineral Resources Group.

Mining company Fortescue (ASX:FMG) shipped 46.8 million tonnes of iron ore in the September quarter, down 6% compared to the same period last year.

The quarterly decline was driven by planned maintenance activity across its supply chain, including scheduled port outload shutdown operations.

Net operating cash flow was affected by higher working capital requirements and increased product inventory.

Iron ore sales fell to 42.9 million tonnes during the quarter, trailing total shipments of 46.8 million tonnes due to ongoing negotiations with state-backed purchaser China Mineral Resources Group.

Despite the lower sales volume, the company maintained its guidance for full-year shipments, C1 unit costs, and capital expenditure.

Following the announcement, the Fortescue share price was down at $16.01.

The company recorded a realised hematite price of US$80 per dry metric tonne, representing 82% of the average Platts index.

Its cash balance stood at US$3.2 billion at quarter end following a US$1 billion dividend payment and US$0.9 billion in capital expenditure.