No I think those prices are FOB so would be comparable to Grange. They do talk about negotiated pellet premiums so don't think they're selling at spot prices as such. The $US114.7/t in Q2 would be close to the spot prices as obtained by Grange. I would say Vale did well on their contracted prices in Q1 compared to spot prices.
If you look at the attached shipping schedule you will see the spot prices we obtained per shipment. The overall net price obtained in each quarter is dragged down by one 'chips' shipment each quarter.
It's interesting to note that the spot price is back up to $US130(before freight) today - all we need is more shipments this quarter.
No I think those prices are FOB so would be comparable to...
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