Ann: Quarterly Report December 2014, page-6

SEH has blown-up. No news is seen as 'bad news'. Our qtrly spells out strong position of DLS. Very heartening but don't expect energy prices to return to levels from 6 months ago. They can bounce from here but limits to what world economy can consume. On the other hand, IO price looks like it will keep falling and falling. Very dire esp as supply grows and grows. If you were a Chinese steel manufacturer all you do is wait a fortnight and yr main input cost falls 3-8%!! It's mayhem.... well it soon will be.