Pilbara Ports Authority released its April shipping figures for its ports in the Pilbara region, which delivered a total of 59.1 million tons for the month, a seven per cent year-over-year increase.
Iron ore exports from Port Hedland remained consistent, up 1 per cent from April 2017 figures to 42.6 million tons.
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These better-than-expected export numbers helped lift FMG over 4% for the week to reach a 4-month high of $4.95.
FMG is part of our ASX Top 50 portfolio and we see the next near-term target in the $5.50 area.
Fortescue Metals Group
