Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Fortescue to work with China officials to clear iron ore shipments

Published 25/01/2024, 03:32
Updated 25/01/2024, 03:35
© Reuters. The logo of Australia's Fortescue Metals Group (FMG) can be seen on a bulk carrier as it is loaded with iron ore at the coastal town of Port Hedland in Western Australia, November 29, 2018. REUTERS/Melanie Burton/ File Photo

MELBOURNE (Reuters) - Australia's Fortescue Metals Group said on Thursday it will work with Chinese authorities to resolve a delay that has held up customs clearance of some iron ore cargoes at a port in the country's north.

Reuters reported on Tuesday quoting sources that two iron ore cargoes from the world's No.4 supplier were facing unusual customs delays at north China's Caofeidian port due to inspections for solid waste.

Responding to a question on whether Fortescue was expecting further customs checks, its director of sales, marketing and shipping, Vivienne Tieu, said shipments to the port were relatively small and its product was still reaching customers.

"We will just work through with the relevant port authorities to understand what they need, such that we clear the cargoes as soon as possible," she told a results briefing.

The delays come as Fortescue and Chinese state iron ore buyer China Mineral Resources Group (CMRG) - set up in July 2022 to centralise purchasing and gain more bargaining power with global mining firms - negotiate a 2024 procurement deal.

Tieu declined to comment on the negotiations due to commercial sensitivities.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.