Most of the pellets sold in China are of Brazil (Vale) origin, but there are other suppliers eg. Ukraine, Russia, India, Australia. Ukrainian pellets are a bit cheaper, there may be some quality issue. What exactly GRR is getting for their pellets I don't know, however one could determine it quite accurately by gathering Chinese data for a few months and compering with GRR reports. Fright is a bit of unknown factor as there are no fright rates available for Port Latta. My last calculations on this subject led me to the (non firm) conclusion that GRR is not getting full market price.
Pellet Price, page-687
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