China Forward Crush Margins Well Below Year Ago.
Bottom Line: China’s “spot” margin rose 70 Yuan since the Friday before the country’s week-long holiday began. However, it is still below break-even at -12 Yuan/MT. The “forward” margin rose 65 Yuan to -82 Yuan/MT. However, the forward margin is 345 Yuan below what it was a year ago. Exporter shipments to China in August indicate…