Ann: NTU - SPP closes with $11.7 million raised, page-21

No need for guess work, simply look at demand/price trends, since the artificial price maintenance by the speculators collapsed mid 2015 Dy particularly, and HRE in general, have tanked.

With China operating the low cost ionic HRE at just 30% capacity there are absolutely no drivers for demand/price.

Only that supply constraint together with the large volumes being bought by the State and mothballed are preventing prices collapsing further.

With the pace of Dy deletion there's a good chance values could return to the $90kg pre 2010.