McDouall Stuart Research Note, 21 May 2008 used a forward price curve of US$250/t for JFY09 (previously US$170), US$200/t for JFY10 (US$130), easing to US$100/t from JFY14.
As they remarked, "...the increase to nearer-term prices has a significant impact on our valuation."
That pricing curve is going to have to be shifted up signicantly to reflect the real commercial environment, rather than the conservative assumptions of a broker's report.
