According to The Australian Financial Review, Fortescue Metals Group's new higher grade iron ore product will hit markets sooner than expected and will make up almost 6 per cent of its export volumes this year and 23.5 per cent of export volumes in the future, under new details published by the miner on Thursday.
Dubbed "West Pilbara Fines", the new product will have an iron content of 60.1 per cent and looms as the company's central response to China's recent preference for ore with higher iron grades, which has seen wider-than-normal price discounts applied to Fortescue's existing products.
Fortescue said in August that first shipments of the new product should leave Port Hedland in the six months to June 30, 2019, but on Thursday the miner said its first shipment would take place in December 2018.
Fortescue also provided volume guidance for the first time, saying it would export between 5 million and 10 million tonnes in fiscal 2019.
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