Australia’s Fortescue suspends long-term CFR contracts

Friday, 05 December 2008 16:36:53 (GMT+3)   |  
       

On December 5, Australia's Pilbara-based miner Fortescue Metals Ltd announced that it has suspended all of its long-term CFR shipping contracts in response to unforeseen market conditions requiring greater FOB sales.

According to its statement, the company will now be responsible for sending one third of its shipments to China, down from two thirds. The alteration will not affect marketing or volumes of iron ore shipping from its iron ore operations in the Pilbara region.
With its CFR sales Fortescue supplied its products on a landed basis into China, whereas with FOB sales customers arrange their own freight from Port Hedland in Western Australia.


Similar articles

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials

India’s SEML subsidiary secures mining rights to iron ore block

26 Mar | Steel News

Major steel and raw material futures prices in China - March 26, 2024

26 Mar | Longs and Billet