Fortescue Metals' Profit Slides 32% on Softer Ore Prices

The video discusses Fortescue's financial performance amid declining iron ore prices due to China's steel output curbs. Fortescue's net income was slightly below expectations, with a weaker dividend and a 13% revenue drop. Rising costs, particularly fuel prices and labor shortages, posed challenges, though easing border restrictions in Western Australia may help. Fortescue is heavily reliant on China, its largest customer, and faces market volatility due to Chinese regulatory actions. Despite this, Fortescue remains a low-cost producer, maintaining decent profit margins even with fluctuating iron ore prices.

What percentage of Fortescue's output is accounted for by China?

What is the expected cost per wet metric ton for Fortescue in 2022?