Midway Geelong has a fixed multi year contract. So even if they...

Midway Geelong has a fixed multi year contract. So even if they don't have the volume, they still need to pay for port fees. And so when the volume is well short of their capacity, their margins get smashed. That's why they are looking at alternatives such as GrainCorp / Grain terminals to share the costs. I've heard estimates that Midway Geelong's Port could be $7m p/a headwind, and not sure how long it lasts for, but presumably a long time.

With regards to the pricing of woodchips - best indicator is the Shanghai Futures Exchange (SHFE). But Midway negotiate separate contracts for Japan, China, etc and don't actually get the spot price. Every six months or so, they announce their latest results to the market. They have consistently lagged the spot price trends for nigh on two years now.