Fortescue's CMRG negotiations matter after the ore leaves Australia
September sales were 3.9Mt below shipments. The full quarterly report makes product placement and conditional guidance central to the iron-ore case.
Fortescue's CMRG negotiations matter after the ore leaves Australia
September sales were 3.9Mt below shipments. The full quarterly report makes product placement and conditional guidance central to the iron-ore case.
The Take
Opinion: Fortescue's operating scale remains valuable. Watch sales and inventory alongside shipments, and keep the CMRG condition attached to guidance until the company reports an agreement.
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Live threadSituation Desk
What it takes to deliver the metal
Rare earth contracts, copper reliability, iron ore sales and gold construction under a new commodity forecast. Curated 29 October 2026; each article retains its own source dates.
Oct 29 · MarketsLynas has stronger pricing. December maintenance will test the volume assumption.Oct 29 · CopperTeck generated more cash. QB still needs a more reliable operating quarter.Oct 29 · FerrousFortescue's CMRG negotiations matter after the ore leaves AustraliaOct 29 · PreciousPerseus's Nyanzaga build is advanced. The pre-production bill still matters.Oct 29 · MarketsThe World Bank's commodity rise comes with a larger energy bill
The Columns
The Long Game
The supply story, the demand story, and the years between a discovery and a working mine.
Lynas has stronger pricing. December maintenance will test the volume assumption.Hard Truths
What the cost curve and the filings actually say, once the story's stripped out.
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What the trading desk is actually whispering — positioning, flows, sentiment.
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Dispatches from the conference circuit and the field, with the tongue in the cheek.
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An interactive map of the mines and infrastructure that move this market — owner, stage, reserves, resources, status, and who controls the ports and smelters in between.
The thing that decides everything
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