Arrium hits record FY shipments
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Arrium (ARI) has posted record full-year shipments, despite flagging concerns over market prices coming under sustained pressure from the tightening of credit in China credit and increased discounting.
In the three months to June 30, Arrium shipped 3.16 million tonnes, which pushed full-year shipments to a record 12.5 million tonnes, a 54% increase on the previous year. Arrium also achieved record June quarter sales of 3.32 million tonnes.
Arrium's average price of $US85 cost and freight (CFR) a tonne in the quarter was down $US25 a tonne from the May quarter. Arrium said market prices came under pressure in the quarter due to factors including increased discounting related to additional supply, the tightening of credit in China and higher port stocks in China.
The group now expects a first-quarter annualised shipment rate of 13 million tonnes in fiscal 2015, a slight upward revision from the previous guidance of 12.4 to 12.5 million tonnes.
The miner said the decline in its average price reflected a significantly lower premium for lump ores, more medium grade ores and market discounting.
The miner said it is continuing to broaden its customer base in the North Asian region, both in and outside China.
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