Fortescue Metals Group (FMG), the fourth largest iron ore producer worldwide, will decrease its annual shipment forecast from 65 million tons to 173 million tons to 170 million tons.
According to sources, major iron ore producers in Australia will revise their annual forecasts one after the other. The closure of Port Hedland caused a 5-day loss of about 2.5 million tons. Inventories increased by 80%.
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