FMG set their June contract price at 30% discount for 56.7% Fe, 25% for 58.3% Fe, 10% for Kings (57.3% Fe) and 31% for Western Fines (58% Fe).
The discount is actually wider than Spot, and I think FMG is looking to "drive" the high cost low Fe suppliers out of the market.
Just my thought, I would do the same if my cost is US$10-20 cheaper than my competitions.
On the surface it may not look good at all, which showed in the SP last couple of days, but it might just prove a good strategy in the long run.
DYOR.
Frank.
Iron ore price, page-1659
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