They were overstocked, they want to knock off all the old stocks and inventory, and shutting down some of their inefficient smelters/ furnaces. The demands for steel is still growing. The IO demands will probably grow as well, can't make steel without it, the price of IO is not likely to lower much from here or at the range it's at at.
We'll soon find out the level of hedging management has taken, to lock in a decent and profitable price, for a few forward months.
AGO hasn't look that good in years, It's now sailing with the wind in it's sails
