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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Fortescue Metals Group Limited    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Australian miner Fortescue wins HBIS iron ore tender in yuan

08/10/2020 | 06:46am EST

BEIJING, Aug 10 (Reuters) - Australian miner Fortescue Metals Group won a tender to supply HBIS Group Co Ltd with an iron ore spot cargo that will be paid for in yuan, the Chinese steelmaker said on Monday.

HBIS unit Hebei Iron & Steel International Holding notified Fortescue, the world's fourth-largest iron ore miner, by email that its offer for 30,000 tonnes of super special fines had been accepted, HBIS said in a statement, without putting a value on the deal.

It marked the first time an overseas miner had won a portside tender in yuan in China, bucking the trend of U.S. dollar-denominated transactions.

China has been trying to gain influence over pricing of iron ore. Its top steel producers have completed several iron ore purchases denominated in yuan this year.

The transaction "opened up a new channel for steel mills to lower purchasing costs," HBIS, China's second-biggest steelmaker, said in the statement.

(Reporting by Min Zhang and Tom Daly; Editing by Susan Fenton)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FORTESCUE METALS GROUP LIMITED -0.67% 22.1 End-of-day quote.-5.68%
HBIS COMPANY LIMITED -3.39% 2.28 End-of-day quote.1.79%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.5138 Delayed Quote.0.29%
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Financials (USD)
Sales 2021 19 431 M - -
Net income 2021 8 715 M - -
Net cash 2021 617 M - -
P/E ratio 2021 5,98x
Yield 2021 13,6%
Capitalization 52 217 M 52 058 M -
EV / Sales 2021 2,66x
EV / Sales 2022 3,61x
Nbr of Employees -
Free-Float 51,2%
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 17,36 $
Last Close Price 16,97 $
Spread / Highest target 41,4%
Spread / Average Target 2,29%
Spread / Lowest Target -54,4%
EPS Revisions
Managers and Directors
NameTitle
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
Ian Wells Chief Financial Officer
John Andrew Henry Forrest Chairman
Mark Bradley Barnaba Deputy Chairman
Ya Qin Zhang Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
FORTESCUE METALS GROUP LIMITED-5.68%53 422
VALE S.A.13.05%91 241
KUMBA IRON ORE LIMITED8.97%13 332
NMDC LIMITED16.30%5 539
HBIS RESOURCES CO., LTD.0.68%2 786
FERREXPO PLC16.49%2 706