The price for 65% fines is already well under your suggestion of US$150/tonne average.
MGX never seems to get the full Platts 65% CFR price, and you must also remember that the cost of shipping has blown out to US$33,000/day for Panamax.
MGX doesn't even fill the ship to the brim.
https://www.marinelink.com/news/rates-capesize-panamax-bulk-carriers-jump-490535Shine ore would be barely breakeven at present especially when shipping costs are taken into account. MGX always sells at a discount to the benchmark price, so little profit now.
MGX lost the opportunity to make hay whilst the sun shined.
The MGX shareprice is starting to show some value now although will possibly go lower, why pay top dollar when you can buy cheaper.
(20min delay)