Yep! 32 - 40% Fe at a cost of more than $100dmt. After the discount that would require 62% grade to be $300dmt just to break even!
I don't think the locally produced stuff would meet the environmental standards of Tangshan or Shanghai...
I think that they are most upset about not being able to invest into Aust mines. They just don't have the substantial ownership of Aust mines the way they used too. GRR is one that comes to mind as still being
in Sino hands. It has some very cushy off take agreements well below market cost in favour of the majority Sino owner that just happens to be a steel mill in Tangshan....
Iron ore price, page-31836
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