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After falling to a 10-week low of 49% last week, our Advance/Decliner Index rebounded to 66% as steel prices strengthened in the MENA region on the back of higher scrap prices, pushing our Ex-China Index up to 71% from 50%.

Our China Index remained mostly stable at 50%, compared with 46% the week prior.  The Chinese market is still treading water – with some increases here and there, but just as many decreases.  We suspect the usual post-holiday pickup is not yet appearing largely because the holidays were so early this year and winter is still blunting construction demand.

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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