thanks JG! The market suddenly got interesting again :)
Think it might just be a credit event/cash call forcing a few to liquidate positions. Rebar futures got mauled 4.5% and open contracts slashed 20%. Meanwhile physical steel prices were anywhere between stagnant to down 1.5%, billet prices ended the afternoon down 40CNY, or 1.5%. Port quotes ranged from anywhere down $1 to $3 (1-3%) and quotes on shipments were down only $2-$2.5/t... so a $9/t drubbing on the spot is quite anomalous... someone must've been pretty desperate (swimming naked in the ocean/ phone call from the bank manager kindly recalling a debt) to offload.
Probably a one off or Hottie manipulating the spot index so he can launch a takeover of RIO on the cheap!
The BHP quote on the NYSE reads $64.91 which currently equates to $35.92 here (or down 24c from today's close)... who knows, perhaps an overshoot and then a reversal tomorrow? who wants to play it with me?
AGO Price at posting:
93.0¢ Sentiment: Buy Disclosure: Held
