As one veteran trader in the China commodity markets put it "everything is plunging... except cotton," with Iron Ore, and Rebar down 7% today...

At least one industry executive "got it" - Baosteel's Zhang: "The price rebound is not beneficial to the overcapacity situation.... It will delay the shutdown of (inefficient) capacity."

How right he was...

Dalian Iron Ore has collapsed 30% in a month, down 7% today...

Steel Rebar has crashed 32% in a month, down 5% today... (it seems the brief BTFD support has completely collapsed)...