Hopefully the TTY clowns can get lots of ships loaded in the next quarter after the wet finishes. This could be a once in a lifetime opportunity to make TTY. If only TTY can get similar production and shipping to the last June qtr + the extra 40,000 tons/ month from the benefication plant. With the increase in IO prices in the pipeline it could be a ripper of a quarter. I wonder what excuse they'll have if they don't perform?
Iron Ore-Prices race higher as Indian state considers ban Thursday, 13 January 2011 00:00 Offers to sell Indian iron ore in China rose half a percent on Wednesday, as key indexes scaled fresh eight-month peaks, on supply worries after India's top producer said it was considering banning exports of the steelmaking ingredient.
Orissa's state government was looking at submitting a proposal to the federal government to ban iron ore exports to meet demand of the domestic steel industry. India is the world's third-largest iron ore supplier and exports about half of its annual output of around 200 million tonnes, mostly to China, the world's top buyer. Supplies from India had already been tight after the southern state of Karnataka banned exports from last July and a similar move by Orissa could drive prices even higher as it forces top buyer China to rely more on supplies from Australia and Brazil, the two biggest exporters. Bans in both Karnataka and Orissa would "dramatically reduce spot iron ore supply and boost prices", Commonwealth Bank of Australia said in a note. "Chinese steel mills will definitely buy more from Australia and Brazil if India continues reducing exports, but other smaller suppliers like Iran, Indonesia and Venezuela will also take advantage to boost their presence in China," said Hu Kai, an iron ore analyst with Umetal.com. Australia, Brazil and India together accounted for 80 percent of Chinese iron ore imports in January to November, with Indian exports at about 16 percent, based on the latest available Chinese government data. The next three biggest iron ore suppliers to China are South Africa, Iran and Ukraine, whose combined exports accounted for 9 percent of the total. Tight Indian supplies boosted offers for Indian ore with 63.5 percent iron content to $181-$184 a tonne, including freight, on Wednesday from $180-$183 the previous day, said Chinese consultancy Mysteel. Firm Chinese buying ahead of the Lunar New Year in early February also buoyed prices, but gains could be capped as smaller steel mills normally maintain inventories of just up to one month. "Steel mills have prepared for price increases as the Chinese New Year approaches, and they are buying more this week," said an iron ore trader in Beijing.
TTY Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
