The average value-in-use (VIU) adjusted iron ore cost is US$40.0/dry tonne (62% Fe fines basis, CFR China), up 3.2% compared with last quarter. The rise is mostly because of higher ocean freight costs and lower premiums for high-grade iron ore. Brazilian VIU adjusted costs have risen by over 5% compared with last quarter owing to the long distance from Brazil to China, and because Brazil mostly produces high-grade ore. In contrast, Australian costs have remained stable as higher ocean freight costs have been offset by lower price discounts for low-grade iron ore, of which Australia is a major supplier. The associated Excel download provides mine-by-mine and company VIU adjusted costs. As well as our full China cost curve on a VIU adjusted basis.