Does anyone know how the term structure of the iron ore futures contracts play into actual prices?
I guess it would effect the degree of forward sales, but how much of the iron ore is forward sold and what is the average duration of forward selling?
Looking at the current structure:
Current price of iron ore: US104/t
The forward futures are currently is a steep "backwardation"
Iron ore 62fe, CFR China Oct contracts $95 falling consistently down to Jun 2022 contracts at $64 as the term duration increases.
FMG Cost Structure, page-16
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