Sharebeers posted (somewhere) why quote the price for 58% iron ore fines at Qingdao.
The answer is that VMS ore is 57% IO and the quote for Qingdao 58% IO is the closest readily available price. No point quoting the price for 62% IO at Singapore if you have a price for a closer lower grade ore (58% IO only 1% out so a better approximation)
VMS: Riley Iron Ore Mine - Profitable or Not?, page-167
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