Warning: this 9c share may only be worth $4 if the price of iron ore slumps to $100, page-69

The multiple ore types and processes suitable for concentrating low grade iron ores in Brazil compared to Australia are completely different. For instance Brazilian ores generally have greater impurities and pelletisation can require additives such as coal, being only suitable for blast furnaces e.g the addition of limestone & bentonite. Plus their disasters make slurry dam approvals expensive and problematic in a wet climate. Some of their upgraded ores are even based on hematite feedstocks and obviously the resulting mill savings have to be greater than the upgrading costs which are increasingly becoming marginal.

So yes, you are correct, it may cost $200 in Brazil but almost none of the above issues apply to HIO ore especially as the pellets are suitable for electric arc furnaces as scrap replacement (current price A$ 270 per tonne wholesale) and Supergrade(R) is cheap to produce but is at the very pinnacle of the IO price heap. Its in demand simply because it costs less in energy and pollution to produce steel from, yet the unique characteristics of this ore body means it costs little more to mine and concentrate than just digging up and shipping raw lower grade hematite.