Pellet Price, page-546

This article from Reuters is about 4 weeks old, but summarises the switch from fines to pellets nicely:

1. Pellets currently represent only 13% of China's IO consumption

2. steel mills are facing closure if they cannot meet emission targets - and those emission targets are being tightened further

3. "I am willing to pay whatever it costs to replenish and add stocks for pellets" says the manager of one steel mill in Tangshan

https://www.reuters.com/article/us-...-hit-china-seeks-high-grade-ore-idUSKBN1K30MJ

IMHO China's switch from pellets is still gathering steam and has some way to go. The question of whether and how the supply side is responding to this is more difficult to asses.