Other analysis, including from Westpac, suggests that the iron ore market is oversupplied and that iron ore prices will surely fall later in 2016.
Coking coal on the other hand is in the midst of a spectacular rally, with prices up by more than 60 per cent since mid-February.
Perhaps the Reserve Bank's Index of Commodity Prices will be staging a further rebound in due course, having already jumped in July.
FMG has reduced its operating costs impressively, with its C1 operating costs slashed across 10 consecutive quarters to just US$14.31 per wet metric tonne in the June 2016 quarter, competing fiercely with BHP Billiton and Rio Tinto for the mantle of lowest cost producer in Australia.
The Reserve Bank's Commodity Price Index for August is due to be released next week.