spot prices
Fortescue Metals (ASX:FMG) is undaunted in the face of a possible fall in iron prices as it says it is on track to meet expansion targets.
Chief executive Nev Power said iron ore prices was at its highest during the three months to September, then softened late in the quarter.
Spot prices for cocking coal have increased to $220 a tonne. Coking coal is a raw material for steel making. The jump in spot prices has opened up a US$13billion annual revenue gap as contract prices were set almost a year ago.
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