-Despite determined efforts by producers to hold firm to a hot rolled coil base price of $ 700/ton, mills acknowledged that market prices have fallen to $680 and are soliciting orders at this price level. 

-Buyers, however, feel that HRC pricing is, or should be, lower.  Restocking is measured at best.  Tons and capital remain on the sidelines.

-Supply continues to outstrip demand.  With the summer seasonal slow-down just around the corner, it’s hard to see how prices, in the near term, won’t erode further.

-Demand continues its upward momentum and supply equilibrium is expected— just not next month.