China currently buys 1 billion to 1.1 billion tons of iron ore...

China currently buys 1 billion to 1.1 billion tons of iron ore yearly from third parties, O’Connor said.“For every $1 the Chinese can lower the long-term iron ore price … that’s $1 per ton times a billion.
It is a billion dollars of saving per year.

It’s not just about diversity, it’s about lowering the price. It is not about the return on equity or return on capital of the actual investment. It is more about the benefit of the longer-term structure of the price.”