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Our Advance/Decliner Index fell for the second straight week, dropping from 63% to 46% (meaning more price cuts were reported than increases), the lowest level since early December.

Our China Index declined to a three-month low of 43% from 75% as steel prices in China fell after March Chinese production was reported at near record levels and CISA ’s early April production “flash” was a new all-time high, triggering fears of oversupply.

Our Ex-China Index contributed to the overall decline as well, falling for the third consecutive week to a five-month low of 47% from 58% the week before.  Steel prices weakened in the US, Middle East, Europe, the CIS and India, while less strength was seen in East Asia.

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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