Fundamentals for the US steel industry remain strong with domestic mills enjoying a high capacity utilization rate, healthy lead times and strong demand for the highest value added products being seen at the mills. Import data continues to show a down-trending import market with the countries that had been major players being pushed to the sideline or kicked out entirely. Economic data has provided a solid picture with strong auto sales, an improving ISM and impressive construction data. Oil prices have rebounded to $50 and stabilized while the rig count increased for the first time since August, 2015. If oil prices continued to rebound into say the $60/bbl range and demand for pipe and tube were to pick back up, that could have seriously bullish implications. Another concern would be the effect a serious domestic supply disruption would have on the fragile US market.