Dhuy, clearly Major is just expressing a similar view to others...

Dhuy, clearly Major is just expressing a similar view to others and the perceived massive change in macro environment. A quote from Citigroup metals analysts:

"A string of adverse macro, steel and iron ore data points will make it difficult to force through a large price increase next year. Reduced forecasts of crude steel production in China have pushed the market into deep surplus in 2010 forcing prices lower. If the majors do not curb output as prices decline, pressure will fall on the marginal players."

GBG is not a marginal player and getting it up and going will force the big players Vale & BHP/RIO to take notice when they sit down to benchmark next years rates to ensure a more sustainable LT pricing structure.