Credit Suisse analyst Curt Woodworth upgraded the U.S. steel sector from Market Weight to Overweight, citing an overly bearish view of Chinese hot rolled coil and the pending results of the Department of Commerce’s investigation into the industry. The analyst also upgraded United States Steel Corporation , Steel Dynamics, Inc. and Nucor Corporation from Neutral to Outperform. A Look At Chinese Steel The analyst reiterated his forecast that hot rolled coil (HRC) will bottom out this summer at $580 per ton, noting that Chinese HRC prices are reverting to normalized levels, but now expects prices to recover in Q3. Rebar prices are also at multi-year highs. This data along with solid demand lead Woodworth to believe “the market has become too bearish on China.”Source