Maybe you should read the TTY announcement and digest the meaning correctly. The pre-stripping was carried out in January- February. This resulted in lower ore production for Jan-Feb. It doesn't say March- April. It's only NOW that IO spot prices are going through the roof. If they are producing and delivering NOW, then we'll see a HUGE increase in revenue.
SPOT PRICE NOW AT US$183.10/ton CIF India.
IF TTY management aren't making the most of these prices and current situation, then shareholders need to ask for their resignation IMMEDIATELY, and put in management who are capable and smart enough to take advantage of the current IO SPOT PRICES.
Indian iron ore prices soar on Chinese boycott call of big miners
Spot prices of Indian iron ore soared to $183.1 per tonne yesterday after the Chinese steel trade body called for boycott of the big three global miners, Vale, Rio Tinto and BHP Billiton, after they discontinued the old annual iron ore benchmark system and sought a whopping 90-per cent rate hike for this quarter.
Spot prices of Indian iron ore fines of 63.5 per cent Fe soared to $181.7-$183.1 per tonne yesterday from $171 a tonne at the beginning of April, a jump of $10 per tonne after the China Iron and Steel Association (CISA) called for a boycott of iron ore produced by the big three global miners last week.
Shan Shanghua, director of the CISA, had asked steel makers and iron ore traders not to buy iron ore from the big three miners for the next two months on the ground that the miners' monopoly had made it impossible for China to negotiate the annual ore contract price.
The boycott call came after the world's largest and the third-largest iron ore miners Vale of Brazil and Anglo Australian miner BHP Billiton, got the Japanese steel mills to agree to a quarterly pricing system, with Vale managing to get a 90-per cent rate hike for this quarter.
TTY Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
