taking position today at 19.5, page-18

Remember this from the Quarterly:

"As we reported in earlier quarters, the coke market has fallen dramatically because of the effect that the global economic crisis is having on the demand for metallurgical coke.

During April and May, the coke market was similar to March. Most independent coke producers kept their production capacity at around 50% because the demand for steel products remained weak. Our coke sales did not change markedly.

In June, there was a sudden improvement. The demand for new housing construction suddenly grew strongly and the price of houses rose sharply.

Consequently, the price and demand for steel products and
coke both increased. The average price of grade 2 metallurgical coke was 12% higher than in May. Steel
manufacturers expected that the price of steel products and coke would both continuously increase in the coming months, so they tried to increase their coke stocks. Coke producers wished to respond by increasing production but were blocked by the difficulty of getting enough coal, especially bituminous coal and coking coal. Coal mining companies could not supply more coal to meet the sudden stronger demand...

The favorable coke market will last for several months. The demand for coke will remain strong and prices are expected to increase further in the near future.

China's steel industry is recovering and the dawn seems to be coming for the coking sector, though we continue to expect volatility in the coke market."

Importantly, "The total coke output in the March quarter was 75,820 tonnes. In this quarter, the output was 23% higher: 93,140 tonnes."

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