April hedge 50,000 tonnes @ a$170.25 p/t.
average IO price us$105.95 p/t * 1.51 = a$159.98 p/t.
a$170.25 - a$159.98 = a$10.27.
50,000 * a$10.27 = $513,500 FEX win.
April hedge 50,000 tonnes @ a$170.25 p/t. average IO price...
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