sandys hot plate and grill stocks , page-15

Hi (stricker)

I am not for one second disbelieving what you say the company have told you.

SteelHome Development Research Centre.02/02/2012.
Indian Domestic Iron Ore Price May Drop 20-40%.

It's reported that Indian steel industries expect the domestic ore price may drop 20% to 40%,due to iron ore export tax hike and rupee depreciation against the U.S. dollar.However,the largest iron ore producer NMDC manufacturer has yet to make a decision to cut prises.

JSW Steel Managing Director and Chief Financial Officer SeshagiriRao said international mineral prices has decreased by USD50/ton from the previous month,while the rupee against the U.S. dollar depreciated about 22%,combined with ore export tax hike,62.5% iron ore price will drop to 2,000 rupees/ton from the current 3,300 rupee/ton.

JSW is seeking to complete production target for this fiscal year - 7.5 million tonnes,and lift up capacity utilization to about 68% in December.However,the Indian mining industry coalition believes that the current price of iron ore,compared with international prices remains at a low level and will decline not to much on strong demand in long term,maximum drop from USD67/ton to about USD60/ton.

Source Yieh.

Regards
Westcott.