For Nippon, the implied $72.50 per tonne, including freight costs, represents a 7 per cent premium to the spot market – a small price for guaranteed supply.

对于新日铁来说，相当于包括运费在内每吨合72.5美元，比现货市场溢价7%——用很小的代价就能确保供应。

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But apparently, the program is still needed, and mostly for the big banks who will be guaranteed a premium price paid for selling Treasury debt and mortgage backed securities to the Federal Reserve.

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