ralph, the iron ore price as quoted is for 62% DSO raw material and there is no need for any price adjustment.
The following article might assist you in understanding iron ore price formulation;
http://www.theaustralian.com.au/business/mining-energy/vale-formula-sees-up-to-35pc-rise-in-q3-iron-ore-price/story-e6frg9df-1225873907099
"The basic price adopted under the formula is for ore with a 62 per cent iron content, subject to quality differentials for iron content levels."
Stagman
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