ralph, please refer to the following link that shows the current price for 62% Fe Grade ore
http://www.platts.com/DailyIronOreBenchmark
http://www.bloomberg.com/apps/quote?ticker=TSIPIO62:IND
The $140 you were quoting refers to the ore at a specific grade of 62% contained Fe.
I hope that helps your investment decision.
cheers
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