NEW YORK: Steel prices in the U.S. have dropped so much that imports are finally declining, providing some relief for shares of downtrodden U.S. Steel (X +12.8%) and others in a year that has been one of the worst in decades.
While steel prices have plunged 41% Y/Y, mill capacity utilization rose 2.8 percentage points last week in the first uptick since September, and steel imports have been lower than a year ago in each of the six months through October, the most recent month of available U.S. Census Bureau data.
At the same time, China said yesterday it would cut some import and export taxes next year, raising concerns that cheaper Chinese products could exacerbate a global oversupply of basic materials such as steel and chemicals.
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