Fortescue bullish on Chinese steel

Miner has long-term confidence in the country and its demand for steel.

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.