Hi Outlate,
Can you please link/screencap the data you're referring to which prices Indonesian NPI at 33k/tonne in Shanghai at the moment? Below is the price off the Shanghai Metals Market website (price.metal.com) which computes to 22k/tonne for NPI end sales receipts after factoring in tax as of 29 March prices.
1,635 to 1660 RMB/mtu = 1,635,000 to 1,660,000 RMB/mt = approx 26k USD/tonne.
Less tax of 13% = $22.6k/tonne.
NIC receipts fluctuate around this number when adjusted for grade, forex friction etc. Justin's figure of 21k is also an approximation of recent prices - the earlier part of the quarter would have been a little lower softer than today. And it makes sense that he'd round down a little anyway - better to guide slightly below and have a small positive surprise in the quarterly then guide slightly high and lead to disappointment. So 21k seems dead on as far as I can tell...
Ann: Notice of Extraordinary General Meeting, page-18
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