Ann: Q1 2019 Interim Update, page-25

Sorry to hear that Col.

Some sort of value is definitely arising I suspect, but IMO today's ann is bad news really. Whether it is well factored in is a good question however - I haven't decided.

With prices at the mid-point $85 pt lower than expected, and using around 50kt of sales, then they realised about $4m less profit from the sales than the market might have been expecting, and inventories being used up - no longer current assets on the balance sheet.

It is good if they are fulfilling low priced contracts early, and gaining new contracts, but you have to suppose that they may not have the new or higher priced contracts that they hoped for, and thus filled existing contracts. "Syrah remains optimistic that improved prices are achievable on the basis of the forward contract and product mix." This statement is far worse than Syrah stating that they are seeing increased prices in new contracts IMO, which is what the market would want for some optimism.

All IMO