Great insights & analysis Miningnut.  In terms of GRR...

Great insights & analysis Miningnut.  In terms of GRR controlables and assuming 356kt pellet stockpile at 31 Dec 2018 and reasonable production in Q1 2019 then the pathway for a robust start in Q1 2019 shipments should be expected.  I note the past 4 years the Q1 pellet shipments have been 640kt (2018), 473kt (2017), 649kt (2016) and 547kt (2015).   Maybe more than 600kt should be loaded and shipped (say 9 ships) in Q1 2019 and with reasonable prospects of current prices holding (premium / pricing for 65% FE) then GRR may deliver record Q1 result IMO albeit much will depend on major shareholder contract purchases.  In Q1 2018 GRR shipped approx 345kt in the first 5 weeks (5 ships loaded). DYOR