- IsoRay Takes Liberties With Lung Cancer Study Results to Prop Up Stock Price
- Shadow Work: How Businesses Are Turning Us All Into Unpaid Laborers
- Boomers' Biggest Retirement Regret? They Didn't Work Longer
- Carnival CEO Aims to Bust the Biggest Myths About the Cruise Industry
- The 10 Poorest States in America
Steel shipments were better than normal for the month, while inventories at service centers fell in what was the largest drop in two years.
The S&P Steel Supercomposite Index was up 9.6% against a 6.9% increase for the S&P 500 for the month.
Steel prices appear to be bottoming with a pick up in store in the next couple of weeks.
Driven by flat-rolled, June inventories jump 6%, to the highest tonnage level since March 2009.
North American steel mills are cutting production in response to decreased order levels in response to fears of a surge in imports on the back of a potential slowdown in Chinese steel consumption.
Import licenses in June dropped 14.9% from May to 1,773,206 tonnes but remain more than double the level of a year ago.
May global steel production declined 1.2% from April.
Metals Service Center Inventories data show shipments, on an average daily basis, increased 6.7%.
China is expected to accelerate cutbacks in steel production in the coming weeks.
The Chinese steel index hit zero last week, but the drop is expected to be short-lived.