45c less 32.5c = 38.5%, page-40

haemetite, look at what matters.

The IO spot price reflecting the demand and supply equation (or inequation).

The amount imported. In 2011, that's around 700 MTA.

Whether some mines are of reasonable grade and deserves a CCP medal is immaterial to the issue here. If it makes you happy, I now say "some Chinese mines" produce a decent product at a resonable cost because the grade is quite reasonable.

The basis for China's quest to secure Sundance (gateway to the West African IO province) is to secure supply and in huge quantities economically - meaning low cost (sufficient volume to have an impact of that supply & demand equation which may then provide leverage in price negotiations).

This is the Chinese position stated in the public domain. You have read them.

Are we done ?