Key Takeaways

• Nucor moved on three product lines in a single week, and the combined increase points to a pricing floor that buyers waiting for a pullback may have already missed.
• Two raw-material inputs critical to galvanized and met-coal-dependent steel just hit multi-year highs, and one of them jumped nearly double digits in a single week on a supply shock few buyers saw coming.
• A labor-market signal that has preceded past downturns is now flashing, and the gap between firm mill pricing and softening end demand sets up a decision steel buyers cannot afford to get wrong.

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