The pricing logic for forward contracts has shifted to dynamically anticipate costs at the mining source: small-to-medium-sized miners in Guinea have voluntarily curtailed shipments due to high freight rates and negative margins, while the rainy season has further dampened expectations for arrivals. Consequently, the market has begun to re-price the stability of Q4 ore supply, resulting in forward-month contracts demonstrating greater resilience relative to near-month contracts.
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