Vincent Fernando

Base Metals Forecast: Sharp Steel Slowdown, Iron Ore Overcapacity

That's fine if you believe their forecasts will be wrong. But you initially implied we were looking backwards, at historical data. Also, while fair to question the UNCTAD report, I wouldn't put too much confidence in Rio management... keep in mind its iron ore negotiation time... and also... the company has proven itself to be horribly managed! They were caught completely off guard by the recent downturn.

Base Metals Forecast: Sharp Steel Slowdown, Iron Ore Overcapacity

Rohan, I don't quite understand you. We refer to UNCTAD forecasts... forecasts are forward looking. They FORECAST lower steel demand in 2009 vs. 2008.