Bahrain Steel is struggling to meet demand from customers for its pellets products to European customers and Middle East.
I won't be surprised at all that Bahrain Steel will be our 1st off-take customer. In the list of 8 customers previously signed off-take agreement (Mitsui & Co) and LOI off-take options (the other 7 major customers), Bahrain Steel was the biggest customer with planned annual purchase of 3mil tons, followed by Formosa Plastics (2.6mil tons) and Shagang (2.5mil tons). Mitsui & Co signed off-take for annual purchase of 2mil tons. Domestically, I think South 32 and GFG Group are most likely off-take customers.
HIO Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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