We need to defend ourselves by voting NO for all Resolutions. With the present pricing system we are doing fine, Shagang does get cheaper pricing theres no doubt about that. I calculate it as 10%+ discount compared with other customers and the average pellet pricing.
There is a close resemblance between Platts IODEX and Custeel prices as you can see, but theres a big difference with Metal Bulletin.
The less income using the new formula will result in US$10 million less income. Its an even greater concern if other customers want a similar pricing. It would then result in a US$25 million difference.
Shagang Offtake, page-59
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