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iron ore price? we sold underprice?

  1. 98 Posts.

    "The West Australian Midwest resources company Murchison Metals has been forced to sell its iron ore at heavily reduced rates after a number of Chinese ships arrived at Geraldton without letters of credit.

    Although the ore was not handed over, the company was then forced to sell it to a third party at a discounted rate.

    Other iron ore miners in the Pilbara have been in similar situations.

    One company Mount Gibson was forced to accept $40 a tonne for its ore, compared to the benchmark price of $120 US a tonne.

    Murchison's CEO Paul Kopejtka says the company has not sold ore at that price, but it is selling cheaper than contract rates.

    "The volumes have been maintained there has been a regnotiation on a ship by ship basis on pricing," he said.

    "The main point to make is the volumes have been maintained unlike others where there have actually been cancellations on shipments.

    "When a steel mill has wanted to renegotiate a price if we can't come to an agreement on that price we'll go and approach another and if the price is right we'll then ship to that client.""
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