Pellet Price, page-777

I sincerely appreciate your efforts on this issue, and applaud your discretion and consideration. But having said, the suggestion that the CFO may have told you something that can't be shared is problematic. Your posts imply you have a better understanding of the proposed offtake than the market due to non-public information. I hope you haven't been buying this dip, because that also would be difficult.

Please, I am not accusing you of anything, and I do NOT suspect anything nefarious here. But appearance is nearly as important as fact.

I'm no expert here, but have been trying wrap my head around this offtake, with little success. Things I still don't understand:

1. How will the move from Platts to an average of Platts + Metal Bulletin not result in lower prices for Grange?
2. If Shagang is not getting a discount, why do they consistently pay below spot rates?
3. If Shagang does get a discount, what is a reasonably discount for signing a 10 year offtake?
4. Does Grange receive a premium price, beyond the market pellet premium, and if yes, how is that calculated?
5. What are the cost and risk/liability implications of moving from shipping FOB to cost and freight pricing?