Correlation is not appropriate word in this case. There is a direct relationship between Fe content and the gangue minerals in the mined ore. For example, 2.5% more Fe in the ore implies 2.5% less impurities (gangue minerals). Some gangue minerals are more difficult to remove than others, eg phosphorus.
Removal of gangue materials in the process of omaking steel requires energy and generates pollution.
Kl iron ore is of premium quality and should be priced higher than Index 65% Fe ore.
Having said that, I still find it difficult to justify current SP. The discussion on the forum is mostly based on wishful thinking.
Ann: High Grade Ore Sales Commenced from Koolan Island, page-47
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