For most, Federal Reserve Chair Janet Yellen’s testimony to congress was the most important news of the week, but the return of strong manufacturing data was even more important to those in the steel industry. First, we saw the HSBC’s Chinese flash PMI beat expectations at 50.1, up from January’s reading of 49.7. Then the January U.S. durable goods orders report beat expectations up 2.4% MoM, while January core CPI unexpectedly rose 0.2%, also stronger than expected.