Australian marginal iron ore revival begins.

Australian mining firm CuFe has restarted its JWD operations in Western Australia (WA) and begun building a hedge book to cover future sales. It has swapped 10,000 dry metric tonnes (dmt) at $129.50/dmt and entered 20,000dmt of collars with a floor price of $110/dmt and a ceiling price of $129.50/dmt basis 62 percent Fe for March. Fenix Resources has locked in 30,000 dmt/month at a fixed price of A$171.17/dmt ($116/t) for the six months from July to December. This comes on time of the A$173.25/dmt for 50,000 dmt/month for the six months from January to June.

'Our hedging arrangements secure a solid margin on a base level of our...