If we assume that production has resumed at normal levels as from the beginning of October, then it would seem that buyers(including Shagang) are waiting for pellet premiums to un-wind somewhat before they arrange shipments.
But then we have the statement on pg3 of the latest quarterly that says 'Grange will deliver into secured term offtake agreements for the remainder of 2018 and expects the market to remain strong and continue to receive high pellet premiums.' This would seem to indicate that customers are locked into volumes for this quarter but maybe they don't have to arrange the shipments until the end of the quarter to satisfy the agreement expecting prices to soften some more.
Pellet Price, page-734
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