announcement out, page-39

cabbott,

IMO the change to a 5 year supply contract has nothing to do with any perceived China slowdown.

If you are a buyer and you think the price of iron ore is going to go up, then you will want a 10 year contract.

If you are a buyer and you think the price of iron ore is going to go down, then you will want a 5 year contract.

The opposite is true if you are a seller.

Its a gamble for both Shougang and ADY. Could go either way. Personally, I think the price of iron ore is more likely to go up further. So it is likely to be ADY who is insisting on the 5 year contract. Not Shougang.