The average value-in-use (VIU) adjusted iron ore cost for Q4 2019 rose just 0.7% last quarter. If we look at the costs at a country level, Brazil's value-in-use costs have remained flat but there has been an increase in Australia's value-in-use adjusted costs of 3.4% so far this quarter. Chinese costs, in contrast, are down 6.1% compared to last quarter. Australia's value-in-use costs have been negatively impacted by lower premiums for lump ore and higher penalties for phosphorus. Improved premiums for higher grade ore has had a marginally positive impact on Brazil's VIU adjusted costs over the past few weeks, but this has been offset by higher freight rates. Chinese costs are down because of an 8% rise in ex-mine cash costs as well improved premiums for low-phosphorus material.