US sheet steel mills reached a peak in mid-April and have been slowly coming off, as buyers have pulled back on spot orders. Market contacts have reported that inventories have caught up with demand, and sheet lead times are shortening. Steel production is still restricted though; the American Iron and Steel Institute reported that year-to-date raw steel production is down 4.4 y/y. Steel mills continue to be mostly covered by their contracts. Those in the spot market for ferroalloys either strategically reserved a portion of their requirements for spot or had issues with deliveries from their suppliers.
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