From today's perspective, changes in China's iron & steel industry reflect China's unique history of economic development. As previously mentioned, no obvious model exists for the future development of China's economy. This makes it difficult to undertake credible market forecasts and generates much uncertainty and risk in planning. I am sure this is as much of an issue for Chinese steel makers, as it is for raw material suppliers like RTIO. This uncertainty is compounded in the iron ore trade by the relatively large number of iron and steel producers in China, the paucity of knowledge on domestic ore production and the fact that most ore imports are transacted on a spot or evergreen basis. As China's ore demand continues to grow and as reliance on imported ore increases, I feel that both customers and suppliers would benefit through greater dialogue and information exchanges about future requirements and constraints. With a deeper mutual understanding, we can together ensure that our role in China's continuing economic development is efficiently fulfilled. Thank you.
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