After the US and the EU ended the steel and aluminum tariff dispute, U.S. Steel's order was cut by auto industry customers and the company is currently looking for new buyers for the remaining steel. This news highlights the weakening of steel demand.

It was understood that U.S. Steel's Gary Works in Chicago had nearly 50,000 tons of excess prime melted and cast to a customer who produced automotive steel sheets and other products, but the customer ultimately decided to cut the order.

It showed that the continuing semiconductor shortage is causing a slowdown in automobile production, and the slowdown is longer than expected, thereby suppressing demand for steel.

However, if the market has an oversupply of steel, the steel rally may be reversed.