Fortescue bullish on Chinese steel
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Fortescue Metals Group (FMG) says it has long-term confidence in the Chinese market as urbanisation drives demand for steel.
Addressing shareholders at the miner's annual general meeting, chief executive officer Nev Power said Fortescue has now become a reliable, mainstream supplier to the Chinese steel industry.
The country's leadership is committed to growth and it has a strong underlying economy, he said.
Iron ore inventories remain below historical averages and steel consumption is greater than 2.1 million tonnes per day, Mr Power said.
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