quietly building , page-8

I had a look at Iluka's announcemnt on Zircon and Titanium outlook regarding potential substitution. The result leads me to believe price weakness projected in the former is due to:
1 De-stocking more than substitution
2 Over stated by analysts scrambing to catch up with why their rosy, straight line projections, are inaccurate.

Given Iluka vitually contol the Zr makrket supply demand balance. They should be listened to. However, they may be taking their own book.