The annual JFY contract prices negotiated back then had a lot more significance in that they were then referenced by every other smaller iron ore player for the entire year ending March.
The reference of this offtake to a market index ensures the price received for future sales more accurately reflects current market supply demand fundamentals as opposed to historical annual contracts which were often at significantly disparities with the spot with the emergence of China
Ann: Update on Coal Off-Take Finance LOI, page-41
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