Did he provide details on how much of their sales are hedged at $120, and when those hedges will expire?
One thing is clear is that they could not have hedged everything into eternity and that at some point those hedges will end - the tide will come out and if you have no pants on you'll be exposed to the cold wind.
Hedging might have bought them some more time for the iron ore price to recover, but if the falls continue and/or are sustained for a significant period of time, then the tide will come out.
How many percentage will drop?, page-119
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