While RIO and BHP cannot match Vale's 65% I Ore, and yes, it could be regarded as a second tier product, it is still high quality. If you assume that the Vale product has the same level of impurities as the RIO/BHP product, then it is a bit like Vale being equivalent to a Ferrari and RIO/BHP equivalent to a BMW M series. Both are exceptional vehicles and carry a premium, when compared to the 58% Hyundai Excel.
While the premium will not be as great, there will still be a market as Vale cannot supply the world - they have supple chain limitations.
HT1
Rio the next Fortescue?, page-2
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