FMG riding high as iron ore soars

FORTESCUE Metals Group has been seeing positive signs for the iron ore market – even before Vale’s tailings dam collapse pushed prices up.

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Shiploaders at FMG's Herb Elliott port

Iron ore prices had been sitting at around US$75 per tonne, but the news Vale would cut up to 40 million tonnes of production pushed the MySteel 62% Australian fines price up to $83.