I agree that is very likely, but by no means certain. Price is still below the cost of production, so a properly diversified and well capitalized person seeking to accumulate a small position to hold for years may want to buy. Everybody else should sell, sell short or hold.

The March false recovery lasted three weeks. This is very likely also a false recovery as China has not been resolved or rendered irrelevant to my knowledge. But then again I am not speculating either (anymore). I am hedging.