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Our Advance/Decliner Index fell again, dropping from 30% to 27%, the lowest reading since early December (meaning more price cuts were reported than increases).

Our China Index drove the weakness with no price increases in the week as CISA’s late April production flash showed a 1.5% increase from mid-April to a new 10-day record, with full-month output estimated at 2.026 million tonnes per day (mtpd), which would annualize to 741 million tonnes, some 8.5% higher than previous high.

Our Ex-China Index was mostly stable, rising from 33% to 35%, as an uptick in pricing in the MENA region was offset by weakness in all other regions, including East Asia, where until now pricing had been resilient.

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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