SMH reported Teck (TSX:TCK.A,TSX:TCK.B,NYSE:TCK) is attempting to buy Fortescue (ASX:FMG) while iron ore is still the hottest commodity in the market.

As quoted in the market news:

It is not difficult to follow the piece of string that started at the end of last year with Canada’s largest mining company, Teck Resources, taking a small stake in Forrest’s Fortescue unravelling to its ultimate conclusion – getting its hands on a piece of the action in the mineral de jour – iron ore.

There is plenty of negotiation that needs to take place before the Canadians will make a pitch for Fortescue, and like any other deal it will come down to price.

Click here to read the full SMH report.