...after hitting an intra-day high of $1.57!!This, in addition...

...after hitting an intra-day high of $1.57!!

This, in addition to Iron Ore prices hitting another 8 month high overnight!!!(see story below). Everything continues to build up nicely as we await finalisation of our 'company-transforming' finance this quarter!!

That $2.00 a share target is now getting very, very close.


Iron-ore-prices hit new eight month top as rebar futures firm

By: Reuters
10th January 2011
TEXT SIZE SINGAPORE - Shanghai rebar futures rose to two-month peaks on Monday, showing that iron-ore prices have room to keep recent gains as firm Chinese demand lifted key indexes to their highest since May.

Chinese steel mills, the biggest buyers of the world's iron ore, have been replenishing stocks of the steelmaking raw material ahead of the Lunar New Year in February, with stronger steel prices also supporting the buying binge.

"Steel prices are increasing because traders are boosting their stocks of steel products and raw material costs, like coal, are rising," said an iron-ore trader in Rizhao in China's eastern Shandong province.

Steelmakers across Asia have been raising product prices to meet a projected increase in coking coal prices to around $300/t, the highest in two years, as supply from top exporter Australia had been disrupted by massive floods.

The most active May rebar contract on the Shanghai Futures Exchange hit a high of 4 851 yuan a ton in morning trade, a level last seen on November 11.

Firmer steel prices supported iron ore despite concerns that the coking coal shortage would impact iron-ore demand.

"The marginal buyers in the spot iron-ore market tend to be small Chinese mills, which are not exposed to the Queensland situation for their coal supply and whose domestic coal price has seen limited movement," Macquarie said in a note.

"With steel prices and production levels continuing to rise in China, these mills have capacity to pay more for iron-ore in the short term, and thus there is a strong chance the spot price could continue pushing upward until Chinese New Year."

Chinese iron-ore imports are expected to hit another record level this year after slipping 1,4% to 618,6-million tons in 2010.

Indian ore with 63,5% iron content continued to be offered at $181/t to $182/t, including freight, on Monday, traders said.

All the three major iron-ore indexes touched new eight-month highs at the close of trade on Friday.

The Platts 62% percent iron-ore index rose $1 to $175,50/t, cost and freight, and the Steel Index 62% benchmark climbed $1,3 to $172,60.

Metal Bulletin's 62% gauge jumped more than $2 to $171,43.

Forward swaps retreated as investors locked in recent sharp gains.

The January contract , cleared by the Singapore Exchange, slipped $1,50 to $173/t and the February contract fell $2,20 to $170,50. March dropped nearly $3 to $168,88.

Edited by: Reuters