Last week’s much anticipated January MSCI data showed a 20% MoM increase in daily shipments to 109.31t/day (2.296m tons), but only a minor drawdown (10k) of inventories to 6.176 million tons. The flat rolled space saw continued prices erosion with the CRU Midwest HRC index falling another $20 to $517/st. Iron ore was down 2.5% to $62.5/ t on very light volume as China closed down for the Chinese New Year. Black Sea pig iron was down almost 11% to $250/mt and Black Sea billet fell 2% to $350/mt.