Ann: Chairman's Address to Shareholders, page-34

There you go....

Speculation that China’s steel mills are preparing for an easing of production cuts as soon as next month sent iron ore prices surging as traders positioned for an approaching inflection point in the country’s steel output.

The price of iron ore traded in the spot market jumped 6.8 per cent to $US103.27 a tonne, according to Fastmarkets MB, more than recouping the losses from Friday’s omicron-induced sell-off. Futures in Singapore were up nearly 10 per cent.