“There is a growing consensus that low-emissions steel will...

“There is a growing consensus that low-emissions steel will require large volumes of high-grade iron ore,” Eames says.

This is only half of the story.
Quite sensationalist news really.
China will continue to want 1Gt/yr of iron of which about 75% will come from the Pilbara.

It will still be ‘green’ steel because you can use recycling of recycled coke oven gas to offset some of the costs.

China can also impose a tax on Pilbara low grade ore of which they (probably both the Australian government and iron ore companies) will happily pay because really, they make so much money anyway.

BTW magnetite in the current market is an extremely energy poor way of producing iron ore.