PERTH, June 25, 2026, 02:04 (AWST)
- Fortescue’s China president Liu Qing, who is also known as Alvin Liu, departed just four months after he took the job. The company didn’t say why.
- Fortescue ended Wednesday at A$19.25, slipping 0.1%. The stock dropped 1.9% Tuesday.
- The miner is still negotiating supply terms with China Mineral Resources Group, its top counterparty for customers in China.
Fortescue Ltd said Liu Qing, who was serving as its China president, is no longer with the company after just four months in the post. The Australian miner confirmed Liu’s exit in an email to Reuters. The company didn’t give a reason for his departure. Attempts to contact Liu were unsuccessful.
Fortescue brought in Liu, ex-Boeing China president, in February to handle its external affairs and manage ties with Chinese agencies, clients, and industry groups. The company isn’t planning to fill the role again, reports say.
Fortescue ended Wednesday at A$19.25, slipping 0.1%. BHP dropped 0.7%, while Rio Tinto gave up 1.2%. Fortescue fell the least of the three big Australian iron ore miners.
China talks are still the main short-term risk. Reuters said this month that China Mineral Resources Group told some steel mills not to talk about Fortune Fines, Fortescue’s planned lower-grade blend with less iron than top-grade ore. Metals CEO Dino Otranto called it an “arm wrestle.” Some traders and analysts think limits on the unlaunched product probably won’t move prices much, but broader curbs could hit Fortescue’s sales or the prices it can get. Reuters
Fortescue shipped 48.4 million metric tons of ore in the March quarter, up from 46.1 million a year ago. The miner stuck to its full-year shipment outlook of 195 million to 205 million tons through June 30, but trimmed Iron Bridge production guidance to 9 million to 10 million tons after cyclone-related delays. Direct mining costs for hematite climbed over 4%, hitting US$18.29 per wet tonne.
Fortescue said this week it will charter as many as 12 ships that can run on ammonia or be converted to ammonia fuel later on. The first three dual-fuel ships are set to enter service before the end of 2026. “The shipping industry doesn’t need more talk. It needs action,” Fortescue integrated operations director Katie Charuga said. Global
BHP could see strikes at its Port Hedland export hub, with unions pushing for changes on pay and job security. Both BHP and Rio Tinto say rising labour costs and softer productivity may put Australian miners at a disadvantage. Fortescue isn’t affected by this labor dispute.
Fortescue will post its June-quarter production figures on July 31, with full-year numbers coming August 24.
