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After trading in a tight range of 71-74% over the last month, our Advance/Decliner Index dropped from 74% to a two-month low of 63% this week (any reading over 50 means that the number of price increases exceeded the number of declines).

The decline was driven by our Ex-China Index falling from 73% to 58% as pricing showed less strength in the Middle East and weakened in Europe and the CIS.  Our China Index was unchanged at 75% as Chinese steelmakers raised domestic prices for some steel products and increased export prices as well.

Our full report provides further thoughts about global steel pricing trends and our outlook as well as implications for steel equities.

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