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Our Advance/Decliner Index fell back to 64% again this week despite strengthening prices in China after rebounding to 78% from 64% last week. The drop was driven by our Ex-China Index falling from 79% to a nine-week low of 59% as pricing in East Asia and the MENA region weakened.  These regions have been the engine of volatility in our Index over the past three weeks and we suspect that the volatility has been driven by strengthening demand offset by weakening scrap prices.

Our China Index jumped to 86% from zero as spot prices for a number of steel products posted modest gains as business resumed following the Golden Week holidays.

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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