It is undervalued assuming demand for steel picks up in the new...

It is undervalued assuming demand for steel picks up in the new year as forecast and the $A plateaus or comes back a bit. There is a huge amount of program trading and shorting going on at the moment with the big guys trying to capitalise on temporary weakness. Without positive newsflow they can pretty much run the price wherever they want, shaking out the small guys in the process. Once some positive sentiment returns it should move back over $3 but in the meantime they will have there wicked way.