I don't need to post my views on MGX as most people know my...

I don't need to post my views on MGX as most people know my view.

as for I.O, the asian steel mills margins are starting to actually recover- what most of the papers don't tell you is how many small mills were consolidated into the majors over the last year.

I.o around where it is at the moment is fine and provides plenty of meat for Mt gibson - the question is if we do continue to see PMI shift up here in asia, what will the response from the mills be? I can tell you- exactly what it has always been in times of high prices- secure supply at all costs.

If this happens any ore left out of contract will be extremely valuable - remember china is only one piece of the puzzle- Korea and Japan are just as important.

In considering all of the above- it is important to understand how i.o is bought and sold in asia, the price you read on bloomberg for a dry tonne is very inaccurate, cargos are offered to the market and a price is agreed upon between trader (representing the mill) and the suppler, Long term relationships between mills and traders are key in the I.O market because only a select few traders have permits to bid on cargos coming through singapore into wider asia- hence traders look to form good relationships with suppliers like us to ensure long term supply- and with that usually comes discounts for "Regular Customers"

Good luck - I will be buying more if anything stupid happens