resource stocks, page-24

iron ore prices are not about iron ore supply going forward

they are about steel industry profitability.
This looks reeeal good right now but at the end of the day JFY2009 negotiations cover all the way to End of march 2010.

Good chance that by that stage steel prices will have softenned. Prices cannot rise continuously without some consumption destruction.

I think we have seen the last of big IO price increases. Only a mild increase coming next year imo.

Is still a rosy picture for UMC though but just up up and away forever