You hit the nail on the head @Girida If you recall, at that time...

You hit the nail on the head @Girida

If you recall, at that time there was a massive spike in the spot price for HCC and PCI due to cyclone. It was also nearing the closing time to set the quarterly price and there was a lot of talk of buyers having let their stock piles dwindle in a bid to hold out and drive the quarter price down. It was anticipated that this combination was going to work strongly in the favor of producers and I was hoping we would see a medium term price peak for PCI.

I believe this would have been the peak SP for RRP in it's current configuration (i.e. without any further acquisitions etc). They have relatively high but fixed production prices (as best I can tell) and with prices above $300/t it gets close to looking like half of some of the estimates that get thrown around here

I (and every professional estimate I have seen are bearish on HCC/PCI). Everyone please stop telling me it's how we make steel. What do you make steel from and how has it's price been going??? Many people, including myself, see a China slow down as already well and truly underway (Check PMI). The lack of demand for steel is the problem.

Indian demand may increase sufficiently to stabilize price. China could REALLY stop buying HCC from North Korea and production could be reduced or demand could increase for other reasons.

Acquisitions would also, obviously see the value of the company change. We live in hope.

I will say I believe it to be undervalued at current prices and have no plans to sell. I think when the next quarterly/full year results are published we'll see it making a solid move higher. I'm not so sure the price is being manipulated. I see no low volume sells driving the price down but I really have no idea. Always seems like magical thinking to me.