I think we are heading up. Shorts that didn't cover below $16 will be buying back shares on the way up making the PPS increase with trend faster than ussual. I've followed this stock for a few years. In the past, big increases in short interest to this stock are followed by a dip and a sharp price increase. I anticipate a $2+ increase this round. Now is a good time to get on the train. I'm in and will buy more next week on a dip. $19+ a share by the end of the year.
Barclays have said "High raw material costs should support steel prices at higher levels than in past cycles.", they also expect that the Iron Ore Fines Benchmark Prices,should go from 200 to 230 U.S. cents per long ton unit FOB by April.
Following this rationale your price appreciation should be well supported.