Simple Comparison with China peers, page-5

Read the various reports out of China and it is fairly plain increased costs are now putting a floor under prices, which producers will not go below.

The issue remains demand, which seems in balance, but not sufficient to move values sustainably higher. Probably quite a bit of resistance given long period low prices.

Talk of another round of State purchases, again, but really we are waiting for downstream to strengthen. Certainly has for Japan with all producers adding capacity, first inertia for about 8 yrs.