Not sure that I am convinced this is a positive for GRR. It looks very much to me that Shagang is wielding the whip here and GRR is doing what it is told.
".......has reached agreement with its major customer Jiangsu Shagang International Trade Co. Ltd (“Shagang”),to revise the annual off-take tonnage....." What was the previous off-take arrangement with Shagang?
Unless we know the details of the previous pricing arrangement then the advantages and disadvantages are not known.
Also why backdate the pricing arrangement -
"..........will be applied retrospectively to all shipments from 1 April 2012 and will not have a material effect on previously reported sales revenues..........."
I don't believe that Shagang would agree to that unless it was to their benefit. It seems to be with GRR announcements that what isn't said is more important that what is said. All seems a bit fishy to me.
Just sharing my thoughts and scepticism.
DYOR - don't rely on me for your investment decisions
Not sure that I am convinced this is a positive for GRR. It...
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