Thanks for that info. It's hard to ascertain what meaning - if...

Thanks for that info. It's hard to ascertain what meaning - if any - it has without knowing how to work out the net figure. Was only looking at it because I was reading goldmans latest spiel on iron ore predictions. In any case the futures certainly don't seem t represent any market vibe of a price crash in the last two quarters given the consistency in price paid hovering around the $380. It interests me given the hype around Roy hill and further supply coming on stream towards the end of the year. It's also interesting to me that mining output continues to "misfire" not reaching output targets. I've had the feeling for sometime this isn't just coincidence and that the majors are not going to bust their balls to strike expanded output targets in a suppressed market. Couldn't tell you how many times I've read "maintenance issues" or "bad weather" etc as an excuse. I seem to remember another target of 50m in surplus by the end of the year. Haven't heard that little gem thrown around for a while.