The price increases since early October have stunned market watchers with their speed and magnitude, leading many market veterans to compare it to a similar price climb in 2008 - and the precipitous drop that followed it
"I was selling billet at $1,100 per tonne cfr SE Asia one month and then in the following month I was selling billet at $300 per tonne cfr SE Asia [in that year]," a trader in southeast Asia told Fastmarkets on Monday December 21.
"The higher prices go [this year], the more painful will be the correction," he added.
One possible sign of a potential correction is market speculation about contract cancellations and non-fulfilment of contracts by sellers, industry sources...
