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Domestic steelmakers are cutting transaction prices for bars and beams by $20/ton and $30/ton effective immediately – partially offsetting the $45/ton surcharge decline with $25/ton and $15/ton base price increases.  The pricing moves are largely in line with our expectation that mills would “split the difference” of plunging scrap surcharges with end-users by offsetting surcharge cuts with base price increases due to firming markets as a surge of imported bar earlier in the year has retreated.

Our full report provides further thoughts about domestic and global steel prices as well as the implication for steel equities.

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