45c less 32.5c = 38.5%, page-38

haematite, the average grade is what determines how economical china's domestic IO production is and how much ore it can economically feed it's steel industry.

Have a look at the FMG graph again, the lion share of china's ore by tonnage is LOW GRADE crap.

It won't change China's dependence on the Big3 if a minority of the resource is of reasonable grade.

Tell me just one mine in China with supporting data (the very best they have) that can be regarded as low-cost by world standard.

Again, no need to look further than the IO spot price.