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Please find below a table of average monthly 380-centistoke (cst) prices in three leading East Asian ports: Hong Kong, Shanghai and Kaohsiung between April 2008 and November 2009.

The table clearly shows that the greatest variation in price during this period was in November 2008 when the average price of 380-cst fell by 40.7 percent, 40.6 percent and 41.6 percent in Hong Kong, Shanghai and Kaohsiung respectively. This was followed by October 2008 when average 380-cst prices plummeted 29.5 percent in Hong Kong, 22.8 percent in Shanghai and 28.0 percent in Kaohsiung.

The first table also shows that flucuations in price have not been as pronounced in recent months compared with those seen in April, May and June 2009, July 2008 and the aforementioned months of October and November 2008.

The second and third tables below look at the difference in the price between the respective ports on a monthly basis. The data shows that since the start of the year, the difference in price between Hong Kong and Shanghai has almost entirely been maintained at below $30, whilst in 2008 the price variation was significantly higher.

Meanwhile, the Hong Kong versus Kaohsiung data shows that the most significant variation in price between the two ports was seen only recently in August 2009 and September 2009 when 380-cst in Hong Kong was on average $61 per tonne (August) and $50 per tonne (September) lower than in Kaohsiung.

Month	Hong Kong	+/- (%)	Shanghai	+/- (%)	Kaohsiung	+/- (%)
Nov-09	472	5.1	490	4.0	497	5.1
Oct 09	449	3.7	471	3.1	473	-2.1
Sep 09	433	-2.7	457	-0.2	483	-4.5
Aug 09	445	8.0	458	3.4	506	16.3
Jul 09	412	1.5	443	4.5	435	1.6
Jun 09	406	16.0	424	14.9	428	16.3
May 09	350	16.7	369	16.8	368	13.2
Apr 09	300	17.6	316	12.5	325	11.3
Mar 09	255	-4.5	281	-2.4	292	1.7
Feb 09	267	-0.4	288	0.0	287	2.1
Jan 09	268	16.0	288	7.5	281	11.1
Dec 08	231	-8.3	268	-12.4	253	-6.3
Nov 08	252	-40.7	306	-40.6	270	-41.6
Oct 08	425	-29.5	515	-22.8	462	-28.0
Sep 08	603	-11.1	667	-6.8	642	-8.5
Aug 08	678	-7.5	716	-6.5	702	-6.4
Jul 08	733	15.3	766	17.5	750	14.5
Jun 08	636	8.3	652	7.9	655	9.0
May 08	587	8.7	604	3.2	601	8.7
Apr 08	540		585		553

Month	Hong Kong	Vs Shanghai	Vs Kaohsiung
Nov-09	472	-18	-25
Oct 09	449	-22	-24
Sep 09	433	-24	-50
Aug 09	445	-13	-61
Jul 09	412	-31	-23
Jun 09	406	-18	-22
May 09	350	-19	-18
Apr 09	300	-16	-25
Mar 09	255	-26	-37
Feb 09	267	-21	-20
Jan 09	268	-20	-13
Dec 08	231	-37	-22
Nov 08	252	-54	-18
Oct 08	425	-90	-37
Sep 08	603	-64	-39
Aug 08	678	-38	-24
Jul 08	733	-33	-17
Jun 08	636	-16	-19
May 08	587	-17	-14
Apr 08	540	-45	-13

Month	Shanghai	Vs Kaohsiung	Kaohsiung
Nov-09	490	-7	497
Oct 09	471	-2	473
Sep 09	457	-26	483
Aug 09	458	-48	506
Jul 09	443	8	435
Jun 09	424	-4	428
May 09	369	1	368
Apr 09	316	-9	325
Mar 09	281	-11	292
Feb 09	288	1	287
Jan 09	288	7	281
Dec 08	268	15	253
Nov 08	306	36	270
Oct 08	515	53	462
Sep 08	667	25	642
Aug 08	716	14	702
Jul 08	766	16	750
Jun 08	652	-3	655
May 08	604	3	601
Apr 08	585	32	553