Ann: Shareholder Update, page-27

Hi JWT

I've seen quite a few reports like this lately (last 3 mths) from China, USA and Europe.

http://recyclingportal.eu/Archive/6896

One relevant para

''Prices below 75$ for the 62% Fe content will hurt especially the smaller and higher cost miners and, as a consequence, all that will reduce the output, making the prices in the short future more stable. The other metallic raw materials like ferrous scrap, basic pig iron, DRI and HBI are not driven lower by weaker iron ore price, being affected more by the political turmoil and being always well supported by the better demand of the EAF producers.''

The google translate from China is almost as hilarious as the annual ramp prior to the APG AGM.


The more things change the more they stay the same - this is crystal clear