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Our Advance/Decliner Index was relatively stable last week, falling to 17% from 18%, as notable pricing weakness in the US and MENA led to our Ex-China Index dropping from 20% to a three-week low of 12% (any reading below 50 means more price cuts were reported than increases).

Pricing in Europe remained a bright spot however, with our sub-index coming in above 50 for the second straight week, as European steelmakers have been aggressively cutting production.

Our China Index rose from 10% to an eight-week high of 31% following attempts by some Chinese steelmakers to raise steel prices last week for billet, rebar, wire rod, energy pipe and plate, most likely spurred by rising iron ore prices during the week.

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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