Steel Prices Are Sliding ...Middle East

U.S. steel prices continue to retreat. After consistent week-over-week declines, HRC prices now sit more than 15% beneath their late-April peak while plate prices continue to trade sideways as they remain just 6% beneath their all-time high. The Raw Steels Monthly Metals Index (MMI) fell by 7.87% from May to June. U.S. Manufacturing PMI climbed, Consumer sentiment plummeted The U.S. ISM Manufacturing PMI reached 56.1% in May. While the index climbed from April’s reading of 55.4, it marks the second-lowest reading since September of 2020.…

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