south china morning post cic interested in fmg, page-13

"crude steel production will drop 15 percent to 420 million tonnes in 2009, according to UBS."

Hmm it seems people are only guessing as to what Chinas production rate is.....

According to Zou Jian vice-chairman of China Mining Assn.

"China's iron ore imports this year will amount to 410-420 million tonnes, and next year's import volume will be slightly lower than this, around 400 million tonnes, as part of this year's imports will be consumed next year, and the country's steel production is expected to grow very slightly"

So according to UBS a 15% drop in chinese steel production 2009 to 420 mill = The CMA's 2008's high end total of 420 mill. Does that mean you can fit an elephant in a miny? :)

Also
"There is nothing to it, the story's quite wrong," Fortescue spokesman Paul Downie told Reuters.

He didnt say "There is no story" he said the "Story's quite wrong" So could one expect there is a story and if so what is it? hahahahaha