Sam,
There are actually many indexes and ways of measuring the price of IO. You will find that none is more accurate than another. They track different things. The SMM daily figures change on a daily basis. Perhaps you can do a little more research before you call into question a highly regarded index.
Check out the reporting of IO on the NYMEX for example.
Then come back to us all and report what you see.
Oh and why you're at it - why don't you school me on the index that is used by FMG to define profitability? I'll tell you that it isn't Custeel or Fastmarkets....
Iron ore price, page-34611
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| Open | High | Low | Value | Volume |
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