COK - What does the future hold?, page-9

Gary - you're right all relativities against trend are out of whack. As prices decline they tend to bunch more than when in a bull market. This is also heavily influenced by BMA's gaming with hcc end users to destroy the contract market by moving everything to spot. I'm not expert on steel mills - I understand PCI is a good replacement if the cost advantage is there and your steel product is still on spec. A few of the major end users have already committed to new plant that can take higher ratios of PCI so perhaps this trend will continue.