Cheers er6n. Thanks for the read. The journos and analysts will...

Cheers er6n.

Thanks for the read. The journos and analysts will be wrong all the way to the top!! Last week, when the io price slid from $159 to $145, they said it was going to slide further and that we had just observed the peak. I look today, and prices are continuing to pick up from the $145 low with activity at Chinese ports this week jumping two fold. All the negativity in the media is depressing the mood, retail investors are looking the other way and fund managers are too fearful they'll get their ***es fired for not following the advice of second rate analysis.

My "guess" is that spot io prices will hit $180 by March and be trading well over $200 by the end of the year.

Rebar/WR prices have finally started picking up and were surging by the afternoon in southern Chinese cities (probably related to the PMI increases). The prices were stable to down as you go further up north, but it's likely activity in the north will play catch up tomorrow.

The prices of other steel products just keep going up and up and up :)