IO Futures says bottom, page-194

It's probably around $57-$60 a tonne at the moment delivered to China. Even though spot might be around $47 a tonne, they generally do deals with mills which may be more than the current spot price. Although it is regulated by the Chinese government, so mills don't get ripped off.

So BCI is probably making around a $10 loss per tonne. The problem here is that this will burn through their cash, at current prices BCI *cannot* survive and the market is pricing the company accordingly. We've seen AGO go, BCI is next, then MGX, FMG and ARI. MGX and ARI are making small losses at current prices.

Futures are down today, yet spot is up slightly. The reality is it doesn't look good.

I know this doesn't really help current share holders, but I reluctantly got out mid 40's at a loss, put my money somewhere else and have made back half of my losses already. Personally, I want my money to work for me before buying back in to BCI. But I suspect most are too far in now to get out.