yes that was my point whether the $12 covers costs of pelletising as $12 is not quite 10% of 65% fines index @ $ 124.30 alone !
I guess the profitability evens out and the pelletising can’t be switched off and on easily in any case.
I recall in 2015 benchmark Fe was $45 and there was little recognised index for premium pellets…things have improved!
Pellet Price Tracking, page-592
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