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Iron ore price negotiations - FMG would support shorter period pricing
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Thursday, 24 Mar 2011
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Fortescue Metals Group would support a shift to shorter period pricing of iron ore, as currently being pursued by larger mining companies.

Mr Neville Power COO of Fortescue said that a move to price iron ore on a monthly basis versus the current quarter by quarter system would better reflect market conditions at the time of sales.

For decades, iron ore prices were negotiated once a year until BHP Billiton and Rio Tinto introduced quarterly pricing last year. Those companies are now pushing for price reviews to occur on a monthly basis.

(Sourced from Thomson Reuters)

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