Just look at a profit report from any producer, such as MGX or PMM.
One will see the revenue divided by the tonnes sold does not equal the iron ore price. It always equals 63% of the iron ore price.
I discussed this in depth with AXO, who confirmed it.
A producer receives the same percentage of the iron ore price as the iron ore content of their produce.
50% iron content receives 50% of the iron ore price.
