Well Vod what can I say - that is how it is priced and thats the...

Well Vod what can I say - that is how it is priced and thats the contract. I see your PoV - just don't agree with it nor would I try to change your mind.

My rationale is we are not getting SC6 but SC5.4 because we are optimized grade/tonnage ... just how it works.
Lower grade = higher tonnage, but also lower grade = lower price.

On a pro-rata basis if SC6 was $900 then expect SC5.4 (a 10% lower grade) to fetch ~10% less in price or ~$810

You also got the fact that SYQ was paying for all the way to Cherryville. Now only needs to go to 3 Rivers. That's cheaper for JV (can't remember the freight component in the $900 cap).

I am expecting that PLL would not be pay SYQ much more thann $810 for SC5.4 to 3 Rivers.

I may be right or I may be wrong.

We will not know until the financials are released and then we can play the endless game of "I told you so", "ha ha" "blah blah" and so on.