"If the Chinese really have a significant low cost production,...

"If the Chinese really have a significant low cost production, it's not doing them much good cause IO price is going up and up and up"

Great. So now Matt you are agreeing that the Chinese do have both the low end and high ends of the cost curve. Which an hour or so ago you were bleating for proof of after you were talking in "averages". Hard to refute Rio isn't it

The fact that incremental Chinese production in recent years is lower grade than the existing base doesn't also mean that the existing base is gone. Pretty elementary