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Contract conundrum: Q4 prices set to settle down as shorter terms start to emerge

August 23, 2010 - 00:00 GMT

All calm? - Talk of defaults appear to be off the mark

Third-quarter iron ore contracts have largely gone as planned. Falling spot market values certainly put contract prices under pressure. But talk of defaults seem to have been off target. There were some amendments — Rio Tinto shifted its reference period one month backwards in line with Vale’s. This meant mills paid Rio Tinto and Vale $154.999 per tonne cfr Qingdao on a 62% Fe basis, according to the average of the MBIOI in March,...

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