For the last couple of years we have been harping on the fact that as China moves further along toward producing more of the world’s finished products, it has gone from being a net exporter of base metals and other products to a net importer. Far from being the furnace of the world, China is now an importer of copper and aluminum, and it looks like molybdenum is the next metal to go this route. We expect the price of moly to continue to rise, as consumers have exhausted their stockpiles and are now rebuilding them. There is rampant speculation that the Chinese will also begin stockpiling moly as their steel furnaces begin to pick up toward capacity, and if this happens we will continue to see a turbulent market for moly on top of already rising prices.