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US steel prices could pick up near-term then slide into 2011

US steel prices could see a short-term bump on the back of increasing scrap prices, but most likely will follow a downward trend into the first quarter of next year, according to the market research manager of a major American coated flats distributor.

Cleveland-based Majestic Steel’s Josh Spoores says in a monthly report distributed to clients and industry observers that a combination of market conditions has him leaning toward a scenario of falling prices through year-end and into early 2011.

Source: Steel Business Briefing

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