Nothing in the poem tells us exactly what happened, but the images point to a violent injury: metal piercing skin, blood draining onto the floor. What matters more than the event is how it feels from inside. The speaker watches a woman slowly lose her hold on herself, and the poem stays close to her in those last moments.
The details pull in opposite directions. The blood is "red hot like fury," yet the single tear is cold, "as if she were already dead." She longs to wrap her arms around her own body and feel her warmth as proof she still exists, but the only warmth left is the blood leaving her. The line "And she seeps with it" is the turning point, where she stops being a person and becomes part of the spill. The mood is quiet, bleak and intimate, and the short final line leaves her simply gone.