Cotton & Western Mining Inc. (CWRN)

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This is one of the reasons why China is no longer able to dictate the price of iron,which it was doing until late 2009 or early 2010.

At that time there were web articles re what you mention and China's important Australian suppliers and others began standing up to China re the price.
Thus the open spot market for iron began in earnest late 2009/early 2010-and so the CWRN PR's during that era emphasizing CWRN would be using the free market spot price,which was about 3 times higher than the price previously dictated.
This is partly why profit margins on iron production can be so high now and no doubt factored into CWRN's ability to obtain a major financial backer,as indicated by the millions in equipment since August.