VS,Thanks for that. Little confused though, I would have thought...

VS,

Thanks for that. Little confused though, I would have thought it would have been in the Chinese interests to lock lower prices in right now, so they dont have to continue paying the prices from last year. The likes of BHP/Rio would be more incentivized to delay i would have thought, so they receive higher prices for longer. That is of course unless the Chinese think commodity markets will continue to deteriote even further in 3-4 months time and put them in a better negotiating position then.

How far do you expect contract prices to fall?

Thanks again