Why is the price JMS receives for manganese so low, page-23

Are Jupiter still making money at ~$3.00USD a ton?

After watching the Iron Ore price crash play out in 2017, the cheapest producers survived and lived to enjoy this current boom (FMG, Rio) and the more expensive producers went bust and picked up for peanuts (Atlas Iron, picked up by Gina R).

One would think this current downturn in Manganese would play out pretty much the same way, where by the more expensive producers go bust and the cheaper producers ride it out until the next boom.

The fact Jupiter still paid a dividend recently and director has been buying big would suggest we fall into that category but our pricing announcements are so bloody difficult to decipher