STEEL MARKET UPDATE FEATURES GABY AIN: MARKET BLUES TURN BEARISH

HR Futures: Market Blues Turn Bearish – Steel Market Update

In her latest commentary, FGM Economist Gaby Ain observes a shift from cautious neutrality to clearer bearish conviction. With minimal progress on North American trade talks—highlighted by a 90-day extension to the U.S.–Mexico trade deal—and lackluster physical market fundamentals, participants are increasingly positioning for softer prices. Recent changes in the futures curve and speculative activity confirm the evolving sentiment.

Read the full analysis for a deeper dive into what’s driving the market shift.