Shagang arent miners, their only interest in GRR is to secure a quality product at lowest price. = vertically integrated. For some reason maybe cultural cos I dont understand why but Shagang dont like other companies in the supply chain to make profit. FDI from China also in Agricultural industry for the same reasons. IMO all purchasers of GRR product must pay the spot price and Platts UK is more accurate. Also the offtake agreement are anti competition benefits Shagang more than minority shareholders with reliable supply reduces risk as well as MB lower costs.
Pellet Price, page-802
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