Seems even the big 3 iron producers are often limited in the tonnage /shipment by the amount of ore needed at the time by their buyers-here they got 13.50 less/ton for the 58% ore ,which is 4.50/ton less for each % in this case below 61%-average usually is 5/ton /% below 62% benchmark-they added the 2nd benchmark or primary grade of 58% about 1 year ago-
it should all be gravy to China whose internal ore is apparently below 20% concentration now (documentary) and thus China's internal cost- often in underground mines- is 150/ton, so agmetalminer 12-13-10 said that would be the floor for iron prices -til new games last august -new speculative iron derivatives market.
After selling a Pilbara Blend fines cargo
Wednesday, Rio Tinto re-emerged Friday to
sell two spot shipments. Via tender it sold
90,000 mt of 61% Pilbara Blend fines at
$135.50/dry mt and 75,000 mt of 58% Fe
Yandicoogina fines at $122/dmt CFR
Qingdao, loading July 22-31, sources said.
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