Here are the charts for April 23, 2015:
Spot climbed again with Tianjin benchmark up 1.7% to $53.80. The Dalian six month futures short squeeze continues unabated with overnight markets up another 2.5% to 414. However, the Singapore 12 month swap has already sobered up. Rebar is still melting.
We’re still chopping wood as steel mills restock before another price assault. The rollover will likely come sooner rather than later.