The supply side is getting a lot tighter, and quickly too. Here's the link to a Reuters article yesterday that listed all the recent mine closures. The list is 13 names long, and started on July 14th. So at some point demand will beat out supply, especially (as I very much suspect) reports of China's sudden death have been greatly exaggerated.
The bottom line here is that there's still money to be made on a rebound, but that money should first be aimed at the metal and later the stocks.