Ann: Fenix extends iron ore hedging cover, page-5

I think this hedge is only 30,000 tonnes per month so likely they will hedge an additional 20-30k tonnes per year from July to December 2023 by June. If by then IO prices have risen to above 150 USD for example by then I would not be suprised the deal gets revised upwards to 135 USD a tonne for 50,000 or 60,000 tonnes. This current deal values it at 115 USD per tonne.

I sort of see this as the reverse of when airlines hedge fuel prices. So I see it as we will have limited benefit at first if iron ore prices rise significantly but then if we keep hedging like this we will benefit when IO come back down. How far I can not say or like to guess that far in the future.