A savage reaction today to not much new news.
Clearly the discount to the headline IO price on our non-lump fines is hitting us hard. With IO at $80 we are barely breaking even - and $80 is historically pretty high. It makes Atlas really vulnerable as a high cost producer. But everybody has known about this for some time - are some just catching up with this news and decided to sell out? Who knows.
With the companies limited ability to navigate this discount, I guess we will just have to hope that further IO price rises do not lead to an even wider discount. Living on hope - not so great.
Ann: Half Year Accounts, page-163
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