next leg up, page-35

I'm sorry Nose, but I struggled to understand the article (my English is not very good, not like those Russian contributors to SteelGuru - aren't they talented!).

Thanks for your interpretation of the article and for extrapolating from it the elasticity of substitution between MPI and scrap! I agree that this demonstrates indisputably that the global MPI market is in fact a Fata Morgana (what will those producers, dealers, buyers and technology providers do when the penny (should I say nugget) drops)!

It's now clear to me why FWL has struggled over recent years (here was me thinking that the GFC had something to do with it).

Thanks always Nose for your insightful, articulate and refreshing contributions!