The implication of this article is that the price or cost of the very poor Chinese domestically produced ore-averaging only 15% iron  ore % and falling last we knew,is at times greater than the cost to import ore-which should place a floor on iron prices as agmetalminer noted 12-13-10 when it said Chinese costs were 150/ton.

That agrees w past posted articles which said the cost of some Chinese producers was 100-180/ton. Because some Chinese producers are mining only 4% ore-sometimes underground.
We've seen posted articles noting CLF's cash costs of 106/ton for Canadian iron ore (w total costs 115-120?) and Fortescue marginal costs of over 100/ton BEFORE the Australian 30% export tax.

When China shut down its coal mines due to a disaster maybe 18-24 months ago shipping rates increased due to increased demand in an industry w a glut of ships-except for the west coast as I hear it. Shipping rates have generally been below cost ever since the great recession as shipping yards kept pumping out ships despite the shipping glut.