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August 10, 2008 Dear Friend, The combined outputs of the six large diversified mines in the June 30 quarter showed large increases in combined metallurgical coal outputs, up 8% from a year ago and 37.7% from the March 2008 quarter. Xstrata and Anglo-American produced much more than a year ago and Rio Tinto and BHP Billiton recovered most of their March quarter losses. This "takes the rug" out from under steel raw materials prices, and steel and met coal shares accordingly (see Table 1 on page 2 of "Spot Markets" report attached). The iron ore output of the Six Majors was up 10%, their combined nickel output down 3% and their copper output up 9% from a year ago though BHP Billiton warned of second-half copper declines. We also attached a report on Weyerhaeuser. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
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