Steel Futures Indicate Bearish Trends Ahead

From oilprice.com

Steel prices either found a peak or began to stabilize by the start of April. As of April 4, hot rolled coil prices fell from their peak to $920/st. Meanwhile, CRC prices and HDG prices started to move sideways, trending only slightly higher from where they stood recent weeks, and steel plate prices dropped from their peak. Despite leveling off, HRC prices remain 34% higher than where they started the year. The increase mainly stemmed from buyers rushing into the market ahead of Section 232 tariffs. However, buying activity calmed by the tariff start date of March 12, and markets still remain uncertain about what is ... (full story)