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Our Advance/Decliner Index fell for the third consecutive week, dropping from 46% to a five-month low of 30% (meaning more price cuts were reported than increases).

Our China Index declined from 43% to 20% – the lowest since Golden Week – as steelmakers continued to cut domestic long product prices and spot pricing for several other products declined as demand has not picked up as much as anticipated and Chinese production continues at near-record levels.

Our Ex-China Index declined as well, also falling to a five-month low of 33% from 47%.  Steel prices weakened in Europe, MENA, the US, the CIS and South America, while pricing in East Asia remained strong.  A major part of the weakness was due to reduced export prices from China and Turkey in response to weakening domestic prices.

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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