High medium low.. All these are relative to region availability etc. We generally look for iron content instead of alumina or silica. For instance.. + 61 is high grade and -56 is low grade ..
Agreed to,Mr. Himansu Shekhar Mahapatra in addition to that you can define your own maximum percent of Silica and alumina as per your requirement. and relevance of high grade is totally based on availability.