According to China Metals Weekly, as of April 5^th month on month (m/m) long product prices were down across the board ranging from 4.1% for 50# angle to 7.9% for 25# beam. For reference 3mm hot rolled coil prices fell 11.0% m/m.

China Domestic Prices: Referencing China Metals Weekly, as of March 29^th month on month (m/m) long product prices were mostly down. Rebar was the exception rising 2.9% to $491 per tonne.

Referencing data from Worldsteel Association, February global crude steel production totaled 126.6 million tonnes (Mt) (note February was a 29 day month) at a capacity utilization rate (CUR) of 70.3%. This was a 4.1% year on year (y/y), increase and the highest CUR since March 2016.

For the week ending March 25th, production reached 1,725,000 tons at a 72.8% capacity utilization, slightly less than the YTD average. For the first twelve weeks of 2017, US steel production averaged 1,738,000 tons per week at an average capacity utilization rate of 73.3%.

Crude oil inventories have been trending sharply higher since the beginning of the year. Excluding the strategic petroleum reserve, stocks of crude oil recorded 479,012,000 barrels per week at the end of 2016.

According to China Metals Weekly, as of March 15^th month on month (m/m) long product prices are up across the board ranging from 11.5% for 16# channel to 16.2% for 20mm rebar. For reference 3mm hot rolled coil prices fell 3.4% m/m.