Via AG Metal Miner The Raw Steels Monthly Metals Index (MMI) moved sideways, with a modest 0.32% decline from June to July. Flat rolled steel prices appeared decidedly bearish throughout June. HRC prices saw the largest month-over-month decline, dropping nearly 16% before finding a bottom at the start of July.
From there, HRC prices saw a modest $1/st increase during the first week, as steel prices started to move sideways. Prices would need to breach monthly resistance levels to suggest a trend shift, but as the market remains in backwardation,…America’s Manufacturing Slowdown Weighs On Steel Demand
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