Key Takeaways

• The CSP HRC base price reached $1,200 per ton for the week of September 14, and the level that matters to negotiators is not the one in the headline.
• Iron ore, zinc, and coking coal have all leveled off, which removes the argument that carried pricing through the summer and replaces it with something considerably less durable.
• Data center construction planning slowed in August, and the tonnage consequence of that decline is larger than the percentage suggests.

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