Ned, don't know the details of how the hedging would work. But would expect that any hedge price would be significantly lower than today's. I.e. if current price is $200/t and 2 year forecast is $150/t, I'd expect a hedge around $150 for the next 2 years. Highly simplified of course as it would be tied to modelled price projections.
Hedging Iron Ore, page-11
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