45c less 32.5c = 38.5%, page-18

haematite, okay can you state the answers for the benefit of the forum with links

- China annual production in the last 5 years
- project if IO demand of the next 10 years
- annual imported tonnage over the last 5 years
- prevailing IO price
- average IO price of 2010 / 2011 (many are taking about $150 for 2013
- china average fe grade of IO mined (it's approaching 10%)

Because China consumes the lion share of global sea bourne IO and it doesn't control any meaningful large scale, low cost mines, CHINA IS STUFFED !

The hedge funds know that.