Ok got it and I agree.
In that report, they say gross revenue was 588m and shipped 5.1mt = $115/t during a period where the spot price was probably AUD $145/t. So the price AGO get seems to be 20% below the floating spot price perhaps. I think people call this a 'grade discount'.
So today the spot price is $126. AGO maybe sells at approx. $101. Total costs incl DA we see are at $95 so profit margin is as you suggest.
Cheers
Skippa
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