63.5% fe gained $1 to $122-124 per tonne, page-34

er6n

some information (not criticism)

LOI relates to predominantly water that is part of the crystal structure of goethite, the dominant iron mineral that Atlas exports. Hematite has low crystalline water, hence low LOI. When heated to +1000 C the crystalline water, plus any carbonate and organic matter gets burnt off and goes up the chimney (LOI). LOI is measured from an oven dried sample.

Moisture content relates to free water that is required to control dust when handling, plus any contributions from the sky.

Both effect the amount of Fe in the final sample, but are separate issues.

(by the way, magnetite oxidises when you heat it up to +1000 C, meaning it takes on oxygen into its crystal structure and effectively becomes hematite. This give pure magnetite a negative LOI - approximately -3.0)