Iron ore price, page-46684

I agree that FMG is unlikely to receive the Jan price on the DCE.

But it is also extremely unlikely to receive the front month contract price. For a starters there are grade considerations and secondly the bulk of FMG sales are seaborne contracts that are benchmarked to the Platts 62% seaborne price. Not the futures market.

we use these prices as market guidance as they infer demand and sentiment.

No one and I mean absolutely NO one here and probably 99.99% of analysts including the likes of Vivek Dhar at CBA who is an absolute expert on IO knows what the price FMG gets for its Ore. Only the guys in the treasury, or the relevant team doing to negotiations including the Gaines and Twiggy would be across that.
It's confidential.

FMG has actually launched legal action in the past against some Iron Ore price information providers to prevent it from publishing info about FMG prices. That knowledge is commercial in confidence.

I also reject your argument about the benchmark being something that changes. it is an established precedent and remains so. Nothings changed.

The + 5 contract is also the most traded by steel
mills and traders alike by virtue of tradition and I guess seeking certainty in the future.

where did have you get the idea that suddenly the following month contract was the "benchmark" ?
historically you have also used the +5 month contract, and I guess you should also update SMM, Platts steel guru, Argus etc they should also be updated whilst your at it.

At the end of the day, I don't care what is used as the default, be it +1 or + 5 months for the DCE. The key is consistency.

If people don't believe me, google DCE Iron Ore futures and check what it defaults too?

Also have a look at the SMM reports I commonly publish.

like I said, don't care, consistency is the key. Contract infers direction sentiment etc NOT actual prices received by FMG.