Thanks for your comments. It's been a while since I looked at Grange Resources.
Agree, they are making good margins. Good evidence of demand and price for product like Hawons Supergrade. However, their struggles may have more to do with how the company is being managed and what they are doing with their surplus cash - investing in JV property smallish developments in Melbourne.
However, for those wanting to understand a little more about magnetite and pellets, below is a link to Grange Resources video (go to their homepage if link doesn't work). Grange Resources are a magnetite pellet producer is Tasmania. Includes explanation of slurry pipeline that CAP proposes to use to Broken Hill.