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Australia's Fortescue alters iron ore freight terms

Thu Dec 4, 2008 6:18pm EST

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SYDNEY, Dec 5 (Reuters) - Australian iron ore miner Fortescue Metals Ltd (FMG.AX) said on Friday it has suspended all of its long-term cost and freight (CFR) contracts in response to market conditions demanding greater free-on-board (FOB) sales.

China

The Perth-based company said the changed arrangements should not affect volumes of iron ore shipping from its operations in Western Australia's Pilbara iron ore province.

CFR sales required Fortescue to supply product on a landed basis into China whereas with FOB sales the customer arranges its own freight.

(Reporting by Bruce Hextall, editing by Mark Bendeich)

China


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