of note

Ferrowest notes surge in pig iron prices
11:47, Tuesday, 24 June 2008

Sydney - Tuesday - June 24: (RWE Australian Business News) -
Following on from recent announcements of an 85pc increase in the sale
price for iron ore, Ferrowest Ltd (ASX:FWL) today noted that the price
of Merchant Pig Iron (MPI), the end-product from its proposed Yalgoo
Iron Project, had increased 120pc in the last 12 months.
The landed price for MPI in the company's target market of
Korea/Japan is currently $US880/t (Source: Tex Report). This is an
increase of 150pc over the long-term price assumptions used in the
preliminary feasibility study for the project, completed in July 2007.
Directors said this price rise was clear evidence there had been
insufficient investment in new MPI production capacity and boded very
well for Ferrowest and the prospects of the project.
Discussions are ongoing regarding MPI product offtake
arrangements with a number of parties and the company hopes to conclude
these negotiations in the near future.