Seems like FEX got a good deal.
Ftom last quarterly:
"Average price received was US$185.20 per dry metric tonne (dmt) FOB."
USD/ AUD was around 1.3, equals AUD 240 dmt, vs hedge announcement of:
"The price fixed is equivalent to A$230.30 per dry metric tonne (dmt), flat over the period."
The thing that was encouraging for me is the part that noted this will cover costs. At the hedge price, seems FEX is pretty insulated from the anticipated fall in IO prices that are priced into futures markets, see
https://www.cmegroup.com/markets/metals/ferrous/iron-ore-62pct-fe-cfr-china-tsi-swap-futures.quotes.html#
From a valuation perspective personally this is positive as I use futures markets.
That being said, if iron ore prices go higher or stay where they are now we'll be kicking ourselves...
Ann: Fenix Enters 12-Month Hedging Arrangements, page-15
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