I am just thinking out loud here but I am of the opinion that the discount for wet v dry is more so incorporate into the discount for the grading below 62% Fe. I’ve included a link to Platts and you’ll note the greater moisture content the lower the grade. With that in mind, I would tend look at the discount as a combination of lower grading and moisture amongst other things rather than certain discount for each individually. I’d take the averaged discount off the average realised dry (which I assume is saying $106 @ 62% Fe).
http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/ironore.pdf
Ann: Fortescue Achieves 160mt Annualised Run Rate for June 2014, page-7
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