Hey Flip,
Whilst I agree with your sentiment, you also have to take the IO price into consideration, below is a very simple calculation based upon the last 3 months:
- Since 25 Nov 2020 to the beginning of Feb 2021 the "average" IO spot price for 62% Fe was $158.8
- For the month of Feb this year the average spot price was $164.2 or an increase of 3.4% for one month alone
Of course a higher dollar does weigh on the value of exports paid in USD, but the commodity price is also a major contributor here. A few dollars ahead of where we are today, will counter the higher dollar price and balance the playing field.
FMG - 2021 Interim Dividend, page-454
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