Look at the chart......

https://tradingeconomics.com/commodity/steel

the collapse in steel prices in China corresponded with the collapse of steel share prices in Malaysia.

The chart shows strong steel prices throughout 2017....steel companies in Malaysia making good profits....all steel companies become low PE stocks.

Value investors and their intrinsic valuations based on historical profits all jump in.....all die until no eye see now.

The folly of intrinsic values based on blind blind historical results....but without business sense.

Business sense.....business sense needs to keep up to date with developments.

- Aliance Steel, Kuantan started their trial runs in March.....you don't want another Megasteel / Perwaja to compete with your beloved Masteel , do you?

-  almost a certainty , this year profits less than last year.

-steel user, Astino also got to do impairment on their inventories in latest resuts to 31 Jan 2018.

- building materials companies, not just steel companies ,  also cannot do well in current environment.

..........

you think too late to cut loss?

I don't know about you..but I surely not buying.......and if nobody wants to buy, you think can cut loss or not?