Companhia Siderurgica Nacional (SID), a Brazilian steel producer, sees notable LEAP diagonal calendar spread as the Jan. 2011 puts with the $17.50 strike and the 2012 puts at the $15 strike trades 11,000x at a 60c net debit- $15 puts sold/$17.50 puts bought in what looks like a roll down and out. A similar trade occurred in VALE, a Brazilian miner, as the 2011/2012 diagonal put spread in the $30 and $25 strikes respectively trade 6,500x in what also looks like a roll. Shares of both have declined some 30% since their early April highs but are trading higher today following a report after Tuesday’s close that Brazils GDP rose 9% in Q1.