-Another week with subdued transaction volume but seemingly solid underlining demand. Buyers may be continuing to sit out waiting for the absolute bottom of this recent price slide. However, we believe that with a momentary stabilization in Europe and strengthening Euro, rising prices and production in China and a generally improving USA economy and banking sector, that there should be a positive move for prices sometime in the coming weeks. 

-The answer as to when the move starts is veiled by conflicting data.  The futures curve has flattened, scrap is mostly level, and we are entering territory where certain mills will post large losses.  It doesn’t appear that much more downside will exist.  It is time to plan your next move if you are short.   

-Stable to upward commodity pricing is prevalent around the world – spot coal, ore and scrap are range bound.  With this, solid demand and a likely supply side event over the coming months, it is doubtful that steel will remain depressed.