Iron Ore producer , Fortescue Metals Group Ltd,  has suspended about two thirds of its long-term shipping contracts as its Chinese customers take advantage of cheaper rates stemming from the commodities slump.
 
Fortescue said on Friday that it was suspending all long-term cost and freight (CFR) shipping contracts, whereby the miner covers transport costs and passes [...]

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Fortescue Metals Group Ltd is a step closer to obtaining access to railways owned by BHP Billiton Ltd and Rio Tinto Ltd after Treasurer Wayne Swan ruled they should be opened to third parties.
Rio Tinto Ltd, the world’s second largest iron ore producer, says it is disappointed by the federal government’s decision to allow third-party [...]

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