An extra bit of late data. The new China quality standards apply from the end of September, I misremembered. So the junk China price steel mills have about 6 weeks to unload stocks. This in a very depressed property market, with developers falling over all over. Mills are holding about the minimum of 1 week of stocks, but rebar is mainly from electric arc and scrap metal so not sure how this all fits together. That said I have done my calculations and think that BCB will not only cover debt repayment and ripoff royalty but even make a smallish profit this quarter if no wild cards like unplanned haul road bills, or outages in the train to the ships. Not expecting cyclones but rain quite likely. La Nina.
BCB Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
(20min delay)