Fortescue sees solid iron ore demand this year on China property support

Australia’s Fortescue metals said it expects solid iron ore demand this year given China’s support for its property and construction sectors, as it reported lower profit and dividends for the first half and flagged persistent inflationary pressure.

Fortescue was seeing “really good” demand for its lower grade iron ore after the Chinese New Year, given compressed margins at steelmakers, Chief Executive Fiona Hicks said.