I.O. sub $80, page-5

What matters to the biggies such as Rio, BHP & FMG is the actual contract prices
which are set on a 3 month forward contract price which is loosely based on the
spot price.
Given that the Chinese buying is orchestrated by the Chinese Government, we should have
an opposing centrally controlled supply mechanism so that the Chinese cannot divide and conquer.
We should be working with the Brazilians like the way OPEC operate with oil.

If the China were supplying us and Brazil, then they would show us how its done.
Competition is fine so long as we all play the game.
mm