"Perhaps spot pricing is the way to go (if DSO lumps bencemark price trend is any guide)."
Spot pricing would be great, but around half of their pellet output is contracted to Shagang at fixed contract prices. Which is hurting them now, but when the spot prices are on the way back down, it'll help them.
Judging by the last quarterly update, it'll be a very significant drop in earnings for HY10 - in Q1 the average cost of pellets exceeded the contract price with Shagang. I feel this is already priced in, but we'll see if the market agrees.
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