What you're missing is IO is going through the roof. Indian's...

What you're missing is IO is going through the roof.
Indian's are now doing spot trades UP TO US$172/ton, so I guess TTY can spend a couple more $$$ as profit per ton is up, so now is the time to produce and get it onto ships.

Asia Iron Ore-Rally continues amid stockpiling, duty hike talk
Thu Apr 8, 2010 3:49pm
* India iron ore at $167/t C&F up from wk ago

* China stockpiling, India state action tighten supply * India export duty hike talk dogs market

* Iron ore swaps cleared by SGX at $160.5

By Ruchira Singh and David Stanway

NEW DELHI/BEIJING, April 8 (Reuters) - Iron ore prices rallied further this week as Chinese traders stockpiled the raw material fearing shortages and Indian exporters executed cautious deals anticipating a hike in the export duty.

"Prices have been rising very quickly and I've heard many saying this is due to stockpiling and hoarding activities," said a trader based in eastern China's Jiangsu province who sources iron ore for a number of small steelmills.

"The small mills we deal with are still desperate for supplies."

On Thursday, China consultant Mysteel quoted India origin ores with 63.5 percent iron at $167 a tonne C&F, up from last week's $161-$163.

Indian traders said iron ore was being offered at $170-$172.