Interesting scenario at the moment with Iron Ore prices going down $US100/t in the last couple of months and yet the steel price is returning to near record levels. If it is true that China is reducing steel output and removing export rebates to keep the steel that is produced from being exported there will be continued shortage of global deep sea export steel . This will be great for BSL until the production & demand rebalances .
A $US100/t reduction Iron Ore price converts to around $A220/t in steel per tonne costs so significant costs savings at current prices with the steel price still going higher.
Ann: FY2021 Full Year Results ASX Release, page-10
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