It doesn’t matter what time of the month the ships leave, the day they leave, the price they get for FEX is based off the Platts average of the previous month, plus or minus grade quality and plus lump % premiums. Even with boats not completely full, I’m very confident NPBT will be around the $50mil mark, making up 4 ships getting well over US$200 a tonne, and the two ships departing in September getting ~US$160 a tonne. Shipping prices will still be high IMO (~US$30), but grade and lump premiums will cover the majority of this. Im happy to be corrected if we’re not getting paid this way.
It was a small blessing in disguise that the big correction in IO started in September, with the hedge starting this month.
Now the IO price is starting to improve and we’ve already sent one ship off this month, hopefully FEX can arrange to stockpile ore and send off 3 ships next month
FEX Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
(20min delay)