How do you know? I'm at work, is it on TV?
Tangshan Billet finished the day down 90 yuan, I think it spooked the Dalian into free fall overnight. Spot Rebar and IO still holding up yesterday, but interest to see if it will hold or drop today.
Billet last Friday was 3050 yuan, and yesterday gave up the gains from last few days and finished at 3050 yuan. I think Dalian over-reacted last night.
Everywhere else was positive: Oil, Dow, Metals all up overnight.
I've spoke to my friend in China, he said restart of the construction sites have been delayed in the North due to cold weather, expect the full restart in 2 weeks. In the South they had more than unusual wet weather, so once weather getting better, expect demand to pick up.
DYOR.
Frank.
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