-Seems the flat rolled market started the US Thanksgiving holiday early as deal making has been quiet.  This was to be expected as tons were hastily placed in early November ahead and concurrent of announced mill increases.

-Mill order books have continued to solidify with some mills into mid January with HR.  With few tons needed to close out December, “traditional” end of the year deals look scarce rounding out 2011.

-Forward momentum through first quarter appears weak.  Although first half HRC futures continue to hold at $690-$700, general economic headwinds seem certain to impact steel pricing.  Iron ore spot prices and futures are down at the end of last week.  Ditto natural gas and scrap pricing. 

-With the tumult in Europe, the US dollar has strengthened against all major currencies.  Further, we don’t have to look overseas to see political ineffectiveness.  The US Congress’ deficit-reduction supercommittee is deadlocked adding another layer of uncertainty to an already skittish financial market.  Add in the steel making capacity sitting on the sidelines just waiting to be pulled into action and it’s tough to see a price rally late into Q1 2012.