haematite, the average grade is what determines how economical...

haematite, the average grade is what determines how economical china's domestic IO production is and how much ore it can economically feed it's steel industry.

Have a look at the FMG graph again, the lion share of china's ore by tonnage is LOW GRADE crap.

It won't change China's dependence on the Big3 if a minority of the resource is of reasonable grade.

Tell me just one mine in China with supporting data (the very best they have) that can be regarded as low-cost by world standard.

Again, no need to look further than the IO spot price.