FMG Boss Confident About Robust Iron Ore Market

Fortescue Metals Group chief executive Elizabeth Gaines says the fundamentals of the iron ore market remain robust despite suggestions from some analysts the surging price of the steel-making commodity is set for a correction.

Responding to questions from reporters after speaking at a WA Mining Club lunch in Perth yesterday, Ms Gaines said she would not make a prediction on prices but noted steel production in China was growing, driving solid demand for iron ore.

“Stockpiles at ports in China are down to around 115 million tonnes. There is a bit of a view that below 100Mt, that’s when they’ll be concern in terms of the number of days of supply available,” she said.