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U.S. Short-Term Steel Outlook Remains Bullish

Via AG Metal Miner The Raw Steels Monthly Metals Index (MMI) moved sideways from March to April, with a mere 0.65% increase. A sharp reversal to the downside for Midwest HRC future prices placed additional weight on the index. Meanwhile, HRC price action continued to the upside during the month, with the HRC rally yet to show a meaningful slowdown. Considering the strength in the current rally, steel prices may continue to the upside in the short term. This should continue until a bearish pattern or reversal is in place. U.S. Steel…

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