Domestic steel mill stocks (AKS, MT, NUE, STLD, X) collectively rallied starting at 1pm Friday after a Reuters story quoting Mario Longhi as saying that US Steel is “close” to filing anti-dumping complaints. Trade case rumors have been a regular topic for months (if not years) now; so much so that anticipating the announcements has become exhausting. Like in story the little boy that cried wolf, the threat has become somewhat discounted as market participants have grown tired of reacting to the rumors only to end up disappointed. However, this (fatigue) sets up for a nice upside surprise if Mr. Longhi and/or other mills finally follow through. Upcoming labor negotiations at a number of integrated mills, however, are very real and have become a hot topic among steel buyers. A recent article in Platt’s discussed a number of their service center contacts are expecting a second price increase from the mills in the coming weeks. Collectively, these factors may be pushing some buyers off the sidelines; however, we did not see any material pick up in buying activity last week as a result.