Macquarie Bank has forecasted further downside risk to steel prices

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Macquarie Bank has forecasted further downside risk to steel prices. Metals prices continued their sell-off last Thursday, with copper dropping 1% to close just above $7,000/t while nickel breached the $14,000/t barrier. Recent steel price movements have shown a divergence in US pricing from the rest of the world. With raw material prices falling, the bank sees further steel price downside into July.


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