Further Supply Disruptions to Boost Near-Term Iron Ore but Declining Steel Demand in China Looms
We raise our fair value estimate for no-moat rated Fortescue to AUD 4.50 per share from AUD 4.20 previously. The increase reflects higher near- and medium-term earnings. A faster-than-expected convergence in iron ore price discounts for Fortescue’s lower grade product, compared with the benchmark 62% index, is the primary driver. At its worst in 2018, Fortescue’s ore received an approximate 50% discount relative to the 62% index. This has subsequently shrunk to around 15%, slightly better than o...Fortescue Metals Group is an iron ore producer. As of June 30 2016, Co.'s operations had four mine sites in the Pilbara. The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located in the Chichester Ranges and the Solomon Hub, in the Hamersley Ranges, includes the Firetail and Kings Valley mines. Co. owns and operates an integrated supply chain including its Herb Elliott Port in Port Hedland and a heavy haul railway with over 620km of track. As of June 30 2016, Co.'s total hematite ore proved and probable reserves were 2.17 billion tonnes. Also, as of June 30 2016, Co.'s total magnetite ore proved and probable reserves were 705.0 million tonnes.
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