45c less 32.5c = 38.5%, page-20

haemetite, ..."You have missed the point on Chinese domestic production though, it is the cost that matters, a fair portion of Chinese ore is very low cost"..

Fine, what's the MTA of the low cost of domestic production.

At at what cost is that.

Please provide verifiable links. I am happy to look at Chinese stats.

I'll give you a hint. Spot IO price is now at $140 the moment the Chinese resumed normal levels of import in November and is heading HIGHER.