If it was marginally economic for a time while the price was 1/10th of the current price, it must be economic now. This appears to be yet another case of China undercutting, creating a monopoly, and then jacking the prices up.
Unless there are regulations put in place since then about environmental pollutants. It is a hypocrisy from western nations to "outsource" it though: it ends up in the same seas, so the damage is just the same, just NIMBY.
The environment concerns are the issue. If stories about China are to be believed, getting it out of the ground and onto a train isn't the hard part, it's that doing so destroys the environment and China is unique positioned to not give a shit about the environment itself or with people that live near the mine protesting and suing the government for causing cancer and going all Erin Brockovich on them.
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