this time will be different!, page-36

More than 500,000 tons will be shipped this quarter.
IO prices ARE NOT going down, they're going UP.
Look at GRR announcement, from 1st July, their IO price has increased a further US$30/ton.
The spot market has gone down but is starting to recover already.
TTY is selling on the spot market, earlier in the quarter they were receiving US$130/ton, but you can expect that some later shipments may have gone out at US$110/ton but at the same time the AUD$ to US$ has gone down , so there is not such a huge difference.

I'm betting that TTY has produced and shipped 500,000 tons with an average profit of AUD$60/ton ie AUD$30 million profit, even with the usual excuses and lousy management they should make AUD$20 million for the quarter.
IF NOT, sack them ALL.

Going forward, IO prices will increase during 2010-2011, if you don't think so, then go to China and have a look for yourself. Half the idiot analysts don't have a clue, they compare things like fuel consumption to number of cars sold, they don't even realise that in some cities in China the Chinese own TWO cars just to drive to work, because they are only allowed to use EVEN number plates one day and the ODD number plates the next day.

Chinese don't buy cars on credit, they pay CASH.

Most Japanese these days drive little shoeboxes on wheels, the Chinese however drive real cars like us.

" BMW intends to deliver 120,000 BMW, Mini, and Rolls-Royce vehicles in China in 2010, 20 percent more than a previous projection, Chief Executive Officer Norbert Reithofer said at the Beijing auto show today. Mercedes-Benz plans to sell at least 100,000 vehicles, Daimler CEO Dieter Zetsche said."