The steel industry has lost some momentum after enjoying a solid run earlier this year as steel prices have witnessed a sharp downward correction from their April 2023 peak. However, the industry is benefiting from a demand recovery in automotive and a resilient non-residential construction market.
Some prominent U.S. steel producers recently came up with their guidance for the September quarter. Nucor Corporation (NUE - Free Report) was the first to divulge the outlook for the third quarter. It projects third-quarter earnings between $4.10 and $4.20 per share, which suggests a decline from $5.81 per share reported in the second quarter of 2023 and $6.50 per share in the third quarter of 2022.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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