MGX 3.03% 64.0¢ mount gibson iron limited

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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