The benchmark held its ground this week as Chinese mills came back from scheduled maintenance, steadying a price that had drifted for most of the previous month.
Desk commentary points to restocking rather than any durable recovery in construction demand. Volumes have run above the twenty-day average, and the breadth of the move suggests institutional rather than retail participation.
Analysts caution that the underlying data remains mixed. Forward indicators have improved, but the transmission into producer earnings is uneven and weighted toward the larger end of the sector.
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