Ann: Latest Corporate Presentation, page-12

so its clear to then say Vale, BHP, FMG are all doing the Chinese a favour over the last month or so at these prices, thats why this morning we see:

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Brazil’s iron ore exports fell by 16% year-on-year in November 2014, according to figures released by the country’s foreign trade ministry, MDIC, on Monday December 1.

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And Just in:

Port Hedland's iron ore exports down 8% in November

Iron ore exports out of Australia’s Port Hedland slowed in November, according to figures released on Tuesday December 2 by the Pilbara Ports Authority.
Singapore 02 December 2014

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November iron ore imports into china from the big 2 supplying countries down 24%, That should start driving the Fe price up