It could be half SP of MAL or worse still OLY the thing is China...

It could be half SP of MAL or worse still OLY the thing is China will want to get the majors to the table as soon as, to negotiate a IO decrease, this will happen in April 2009,
at this moment they are talking a 20% decrease in price but when April comes and that is still six months away IMO it is going to be alot more then 20%.

The domestic steel demand in China is slowing, if the cost of IO price continued they would have to pass the price onto customers, so driving up the price of goods such as cars or washing machines and at present the world is in financial turmoil with countries bailing out banks.

You could say that TTY is a screaming buy, but I am not screaming yet.