Don't post crap post fact. Do you know the spot price today in...

Don't post crap post fact.
Do you know the spot price today in China, I doubt it but you do now.
Current price is 720 CNY to a low of 700 CNY /tonne
China Yuan Renminbi Australia Dollars
1 CNY = 0.211970 AUD 1 AUD = 4.71764 CNY

This is approx US$105.33 or AUD$152.
TTY will be getting AUD$105 still well above production costs of AUD$65 and targeting lower. The lower $$ is helping
If the spot price goes much lower many of the 5000 odd iron mines in China will close.


QUOTE

Chinese spot iron ore prices dip by 12% this week
October 18, 2008
According to Beijing Antaike Information Development Co, prices of iron ore imported by China fell by 12% to a 19 month low because of weaker demand from steelmakers.

As per report, prices at Qingdao, China's biggest port handling iron ore tumbled by CNY 100 per tonne to CNY 720 per tonne lowest since the week of March 16th 2007.

Cash prices for iron ore arriving at Beilun port, where Baoshan Steel receives shipments, dropped by 13% to CNY 700 per tonne.

Chinese mills have cut production as the economic slowdown and a global credit crunch curbed demand from automakers and builders. Shougang Corp, Jiangsu Shagang Group Co and other Chinese steelmakers have said they are slowing orders because of high stockpiles and lower demand.