From a current market perspective, the automotive manufacturing, energy and construction markets continue to be stable, while a slight tempering appears to exist in the transportation and agricultural sectors. Steel backlogs have drawn down to a small degree since the end of March. This has been principally, I think, procurement-driven as buyers stayed out of the market in anticipation of even lower scrap prices or taken the opportunity to realign their inventories, particularly in the SBQ arena. Underlying demand appears though to be stable. And with some capacity exiting the market, low sheet imports and a strengthening scrap market, positive momentum may begin.
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