This is driving me bonkers... Can someone please help!
- If FMG report a US$41/t wet cost, that equates to a US$46/t dry cost, correct? (FMG add another US$5/t to get to dry)
- How do you get to the dry price received by FMG? Discount the IO spot price by 15%? So in the December quarter 85% of average US$74/dmt becomes $US63/dmt?
In the second half of the year, if the dry cost is US$40/t and the average dry sell price is US$53/t (85% of current spot US$63/t), that still a very healthy profit margin of US$13/t!
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