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Q3 2019 Steel Report (August 2019)
Q3 2019 Synopsis:
Global steel prices decreased in Q2 given weakening demand and a continued drop in the US, correcting from the tariff-induced speculation rally last year. In the US, mills are capitalizing on a shrinking import market to announce ambitious capacity expansion projects even though spot pricing has tanked recently to lows not seen since 2016. In Europe, the market remains weak with near continuous, albeit slow, price erosion and quiet with the summer slowdown. In China, trade tensions continue to dominate market sentiment and 232’s effect on the export market has started to manifest in a meaningful way, with China’s steel exports down 22.8% YoY.