There are NO discounts given. Contrary to what I was originally told, the pricing of Shagang is still using Metal Bulletin, this was approved back in 2012. There was an announcement on this.
Spot sales are done at Platts IODEX with a premium.
The new offtake agreement is per the Independent Expert report which will use an average of Metal Bulletin and Platts IODEX.
This will ensure an increase of 4.6%. This is as stated in the IER.
In actual fact Grange management are trying to optimise the price paid by Shagang.
This will result in more income from Shagang, NOT less
The other reason why Shagang's average price/tonne seemed lower for 2020 was because "Shagang had more shipments in the Q1 2020"
Pellet Price, page-780
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