Yesterday's consensus view on IO stocks falling yesterday was due to:
- Chinese rebar pricing hitting the lowest level on the current contract due to Chinese crackdown on shadow banking
All that led to an enormous fall in the IO Spot price in Chinese markets... The fall in the spot price was beyond belief for 1 session... It most certainly warranted the rout we saw in the sector....
(IO Spot was down $1... Yep - only 0.70%)
Note that the 2nd paragraph was my attempt at sarcasm
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