Fortescue Metals reduced its quarterly cash costs by nine per cent to $US25.90 a tonne while lifting production one per cent to 37 million tonnes.

The miner will now decide on plans for job cuts.

The company is urgently cutting costs to deal with low iron ore prices that show no sign of recovery, and the recently announced restructure of its rosters fuelled speculation employees will be let go.

Prices have plunged as demand from China fell and producers continued to ramp up output, and that trend is expected to again be reflected in Fortescue's March quarter production report.

Also hit by falling commodity prices is energy giant Woodside, which holds its annual general meeting in Perth on Thursday.

The company's revenue dropped 20 per cent in the three months to March, due mainly to lower prices.