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https://staalx.com

September 6, 2024 (Scroll down for Steelorbis news)

News from the Market

http://staalx.com

Antidumping case filed for Coated flat rolled products

Can rebar be next?

It was probably in the making for a while but domestic flat rolled producer=
s surprised the market with a new antidumping and cvd investigation filing =
for coated products. They included pretty much all the major importers star=
ting with Canada, Mexico, Vietnam, Australia, South Africa, United Arab Emi=
rates, Taiwan, Turkey, Brazil and Netherlands. These ten countries account =
for 90% of imports of galvanized, galvalume and prepainted products. Quite =
a significant amount of hard to find coated products is also included in th=
e case.

This segment of the market is well safeguarded with Section 232 tariffs tha=
t are 25% already. Antidumping and countervailing duties can be levied on t=
op of already existing tariffs. Producers will have to prove that the steel=
making industry is injured due to imports but that decisioncomes almost a y=
ear and a half later and by that time most of the named countries would hav=
e exited the US market due to significant risk of additional duties. Lack o=
f competitive import supply no doubt will cause the prices to rise, domesti=
c mills will enjoy higher profits and tax payers or consumers will ultimate=
ly pay for these higher prices.

What's worse is this filing may inspire some of the rebar producers to file=
 against the pesky but resilient imports lingering despite the 25% tariff. =
Although imports are down, still some good volumes are entering from Algeri=
a, Egypt, Mexico, Turkey and Vietnam. Turkey and Mexico are already under a=
ntidumping however finding some room to import by carefully monitoring thei=
r prices compared to their domestic prices. It would be a new filing agains=
t Algeria, Egypt and Vietnam. Again the case for injury will be hard to mak=
e, as the big rebar producers have been making record profits since the Sec=
tion 232 tariffs were implemented. But this may not stop the industry from =
going ahead and file, as they scare the sources away for the duration of th=
e investigation that can be up to a year and a half.

An antidumping case against wire rod would be harder as the wire rod import=
s outside of the USMCA region have significantly reduced and currently don'=
t pose much of a threat to domestic producers.

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Today construction projects prefer to run lean making bulk project purchasi=
ng difficult. With StaalX's platform, you can order only what you need when=
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working capital costs.

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http://steelorbis.com

From our content partner, SteelOrbis

US import rebar and wire rod markets steady as domestic discounting continu=
es amid lower September scrap call

Wednesday, 04 September 2024 23:34:40 (GMT+3) San Diego

US import rebar and wire rod prices were steady this week, even as exporter=
s are reported to be reducing prices in reaction to aggressive domestic mil=
l price discounting programs amid a growing call for sideways to lower Sept=
ember scrap pricing, market insiders told SteelOrbis this week. New transac=
tions remain limited, they say, as domestic mill discounting continues to l=
imit the room for imports to secure sparse market share against US domestic=
 long steel production.

Import market insiders say that ongoing losses on inventories currently on =
the ground continue to reduce demand for longer-term contracts, especially =
those that will arrive in the later months of the year.

"We've seen a decline this week in rebar pricing because of lower priced im=
ports," said one Gulf Coast rebar dealer. "The lowest pricing we're seeing =
(for import rebar) is from Bulgarian dealers at $35.00-$36.00/cwt., who are=
 basing their pricing off of Ukrainian billets.

Houston import rebar is assessed at $35.25/cwt. ($710/nt or $783/mt) loaded=
 truck basis, steady from the week of August 26. Mexican rebar vicinity Hou=
ston on a loaded truck basis, was also unchanged at $36.25-837.50/cwt. ($72=
5-750/nt or $799-827/mt). Market insiders said Mexican rebar remains non-co=
mpetitive with domestic supplies as concerns over antidumping from Mexico l=
imit price discounting actions from Mexican mills.

"Mexican rebar supply remains about $2.00/cwt out of the market right now, =
because as they approach the price of domestic supply, concerns about antid=
umping become heightened, a Gulf Coast rebar trader said,

US Gulf Coast loaded truck basis rebar is assessed steady on the week at $3=
5.25/cwt. ($705/nt or $777/mt) delivered, following earlier declines from $=
36.50/cwt ($730/nt or $805/mt) reported during the week of August 19. Impor=
ted supply from Egypt is assessed steady at $35.50/cwt. ($710/nt or $783/mt=
) on a delivered basis, while delivered Algerian rebar is discussed at $35.=
00-$35.50/cwt. ($700-$710/nt or $772-783/mt).

"We're not seeing many substantial (rebar) orders as Algeria and Egypt are =
struggling to find customers even at $35.00-35.50/cwt ($700-710/nt or $772-=
783/mt)," said one import rebar market insider. "Domestic mills are so comp=
etitive on pricing that importers have been forced to cut their prices to f=
ind any market share at all."

In the import wire rod market, prices were steady on the week at $35.50-537=
.00/cwt ($710/nt-$$740/nt or $783-816/mt).

Import pricing on the US West Coast is expected to remain under pressure in=
 the near term as new flows of Malaysian rebar and wire rod enter the marke=
t, market insiders told SteelOrbis. Traders caution though, that domestic m=
arkets for Malaysian rebar remain limited as most supply is based on 40-60-=
foot lengths, instead of the usual 20-foot lengths preferred by US distribu=
tors. More sales are expected to be generated by a "narrower client base of=
 domestic fabricators, they said

US domestic rebar and wire rod prices mostly stable on continued mill disco=
unting, lower scrap call

Wednesday, 04 September 2024 23:31:36 (GMT+3) San Diego

US domestic rebar and wire rod markets remain mostly stable in continued th=
in trade, as domestic mills continue to discount pricing to maintain market=
 share versus imports even as September scrap is called sideways to lower h=
eading into the start of the September buy cycle, long steel market insider=
s told SteelOrbis this week.

New spot market trading remains limited, insiders say, because locking in l=
arge purchases now could be risky, especially if September scrap prices set=
tle down from August levels. At the time of publication, September Midwest =
scrap is seen sideways to August values for prime busheling grades and #1 b=
undles, while cuts and shred grades are seen $20-$30/gt less, surveys indic=
ate Not much if any premium is expected for US Gulf Coast scrap grades as i=
nternational export scrap markets remain sluggish, with demand generally re=
ported down.

While new spot transactions remain limited as domestic demand remains low, =
insiders say current pricing is "At or close to bottom, though few contacts=
 surveyed expecting rebar and wire rod prices to substantially increase bef=
ore the end of the year, despite a growing expectation for a one-quarter to=
 one point interest rate cut by the Federal Reserve in September.

"It's kind of quiet, and imports aren't happening as domestic mills remain =
fairly competitive on pricing," said one Gulf Coast market insider. "Domest=
ic producers are discounting their rebar pricing by $1.00-$2.00/cwt. order =
to remain competitive with lower-priced US Gulf Coast imports at $35.50/cwt=
."

Domestic rebar FOB mill basis is assessed unchanged on the week at $35.00-3=
8.00/cwt. ($700-760/nt or $772-838/mt), with the low end of the trading ran=
ge once again representing heavily discounted mill pricing for those buyers=
 able to lock in sizable transactions.

"We're hopeful that a rate cut by the Fed will cause some upward movement i=
n prices," said one Midwest rebar dealer. "The only good thing that we see =
now with regard to the domestic markets is that nobody's booking for "futur=
e delivery," he added. "They're buying rebar that's available on the ground=
, right now, so they're picking up a few truckloads at a time, here and the=
re."

On the domestic wire rod front, pricing on an FOB mill basis is assessed mo=
stly stable to the week of August 26 at $36.00- 40.00/cwt. ($720-800/nt or =
$794-882/mt) "depending on mill," insiders said

September US scrap seen sideways to lower in Midwest, sideways to August se=
ttles on East Coast

Friday, 06 September 2024 00:27:04 (GMT+3) San Diego

US ferrous scrap pricing for the month of September is seen sideways to low=
er in the US Midwest on scant finished steel demand and reduced steel capac=
ity due to outages, while US East Coast scrap is expected to perform better=
, with a sideways assessment expected across all grades at presstime, large=
ly due to better demand and higher prices from key scrap exporters, scrap m=
arket insiders told SteelOrbis this week.

"There's really not that much demand for finished products, the flat rolled=
 market is dead, and there's operational problems, with some mills taking d=
owntime (performing maintenance) because their order books are weak, an Eas=
t Coast scrap insider told SteelOrbis this week. "Many mills are moving the=
ir outages up 30-60 days, so we don't think the markets are going to be ver=
y active over the next several months."

As the SteelOrbis Scrap Forecaster went to publication, September scran tra=
nsactions began to be reported, giving a greater sense of surety to recent =
scrap assessments.

"While it's still kind of early, we heard that Steelton (Cleveland Cliffs) =
purchased East Coast HMS#1 at $300/gt ($305/mt) and P&S at $330/gt ($335/mt=
) for small batches," the East Coast scrap insider said a day later. "They =
reportedly didn't need a lot because they had some downtime (for plant main=
tenance) and some operational problems."

In the US Midwest, the September scrap outlook has shifted from sideways fo=
r all grades during the last week of August to sideways for all grades exce=
pt shredded, which is seen last down $20/gt ($22/mt).

"In the Midwest, shredded is seen the weakest," said another Midwest scrap =
insider. "We're seeing a shortage of cut grade scrap (HMS#1 and P&S), so th=
e call is looking sideways now for them." Busheling scrap is last seen side=
ways, unchanged from earlier in the September scrap assessment period.

"The talk is that there is not a light at the end of the tunnel," said one =
Midwest scrap broker about current market conditions. "The market fundament=
als remain weak, however, there's still not a lot of scrap available, so we=
'll see"

While it remains early in the market discussions, based on the most recent =
market consensus, Midwest prime busheling scrap for September is assessed s=
ideways to the August settle of $355-$375/gt ($361-381/mt) delivered to mil=
l. September shredded scran is assessed $20/gt below the August settle of $=
370-380/gt ($376-386/mt), while September HMS#1 is seen settling sideways t=
o the August settle of $320/gt ($325/mt). At current, P&S scrap is discusse=
d sideways as well to the August settle of $345-355/gt ($351- 361/mt) deliv=
ered to mill, insiders said.

On the US East Coast, September busheling scrap is expected to settle sidew=
ays to the $350-385/gt ($356-391/mt) delivered to mill August settle, while=
 shredded is talked sideways to the $370/gt ($376/mt) August settle, HMS#1 =
and P&S scrap are also forecast to settle sideways to the August settles of=
 $290-315/gt ($295-320/mt), and $320-340/gt ($325-345/mt) delivered to mill=
, respectively, market insiders told SteelOrbis.

Market insiders explained that the earlier expectations for lower September=
 scrap pricing for East Coast cut grades (HMS#1 and P&S) was changed to sid=
eways most recently, as export sales for deep sea scrap to Turkey were conf=
irmed at higher levels than initially expected. "We heard late sales of mos=
t likely 40,000 tons of HMS I/II 80:20 scrap to Turkey at $370/mt CFR," sai=
d one East Coast scrap dealer. That's up $7/mt from the last reported trade=
." He continued, "The word is that Turkey might have to buy more scrap, so =
pricing might go up another $3/mt."

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=09=09=09=09=09<table bgcolor=3D"#ffffff" border=3D"0" cellpadding=3D"0" ce=
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x;padding-left:0px;">
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le=3D"font-size: 21.3333px;"><b></b></span></font></p><span><p style=3D"fon=
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line-height: 17pt; text-align: left;"><font color=3D"#000000" face=3D"Arial=
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=3D"font-size: 14pt;"><b style></b></font></p><span><b>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
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or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: left;"><fon=
t style=3D"font-size: 14pt;"><span style=3D"font-family: Arial, Helvetica;"=
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or:#000000;padding:0px;margin: 0;line-height:17pt; text-align: left;"><font=
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gin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif; color:#000000=
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olor: rgb(0, 0, 0); font-size: 12pt;"></font></p><span><font style><span></=
span></font></span></span></span></span></span></span></span></span></span>=
</span></span></span></span></span></span></span><span><font style=3D"font-=
size: 12pt;"></font></span><span style=3D"font-size: 16px;"><p style=3D"fon=
t-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;=
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, Helvetica" style=3D"color: rgb(0, 0, 0);"></font></p><span><p style=3D"fo=
nt-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0=
;line-height: 17pt; text-align: left;"><font color=3D"#000000" face=3D"Aria=
l, Helvetica" style=3D"color: rgb(0, 0, 0);"></font></p><span>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font>=
</p><span>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font>=
</p>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font>=
</p>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font>=
</p>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font>=
</p><span>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">It was =
probably in the making for a while but domestic flat rolled producers surpr=
ised the market with a new antidumping and cvd investigation filing for coa=
ted products.&nbsp; They included pretty much all the major importers start=
ing with Canada, Mexico, Vietnam, Australia, South Africa, United Arab Emir=
ates, Taiwan, Turkey, Brazil and Netherlands. These ten countries account f=
or 90% of imports of galvanized, galvalume and prepainted products.&nbsp; Q=
uite a significant amount of hard to find coated products is also included =
in the case.&nbsp;</font></p><p style=3D"font-family:Arial,verdana;font-siz=
e:12px; color:#000000;padding:0px;margin: 0;line-height:17pt; text-align: l=
eft;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size:=
 12pt;color:#000000;"><br></font></p><p style=3D"font-family:Arial,verdana;=
font-size:12px; color:#000000;padding:0px;margin: 0;line-height:17pt; text-=
align: left;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"fo=
nt-size: 12pt;color:#000000;">This segment of the market is well safeguarde=
d with Section 232 tariffs that are 25% already.&nbsp; Antidumping and coun=
tervailing duties can be levied on top of already existing tariffs.&nbsp; P=
roducers will have to prove that the steelmaking industry is injured due to=
 imports but that decision&nbsp;comes almost a year and a half later and by=
 that time most of the named countries would have exited the US market due =
to significant risk of additional duties.&nbsp; Lack of competitive import =
supply no doubt will cause the prices to rise, domestic mills will enjoy hi=
gher profits and tax payers or consumers will ultimately pay for these high=
er prices.&nbsp;&nbsp;</font></p><p style=3D"font-family:Arial,verdana;font=
-size:12px; color:#000000;padding:0px;margin: 0;line-height:17pt; text-alig=
n: left;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-s=
ize: 12pt;color:#000000;"><br></font></p><p style=3D"font-family:Arial,verd=
ana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height:17pt; t=
ext-align: left;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#000000;">What's worse is this filing may inspire=
 some of the rebar producers to file against the pesky but resilient import=
s lingering despite the 25% tariff.&nbsp; Although imports are down, still =
some good volumes are entering from Algeria, Egypt, Mexico, Turkey and Viet=
nam.&nbsp; &nbsp;Turkey and Mexico are already under antidumping however fi=
nding some room to import by carefully monitoring their prices compared to =
their domestic prices.&nbsp; It would be a new filing against Algeria, Egyp=
t and Vietnam. Again the case for injury will be hard to make, as the big r=
ebar producers have been making record profits since the Section 232 tariff=
s were implemented.&nbsp; But this may not stop the industry from going ahe=
ad and file, as they scare the sources away for the duration of the investi=
gation that can be up to a year and a half.&nbsp;&nbsp;</font></p><p style=
=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000" face=3D=
"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><br></font></p>=
<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">An anti=
dumping case against wire rod would be harder as the wire rod imports outsi=
de of the USMCA region have significantly reduced and currently don't pose =
much of a threat to domestic producers.&nbsp;&nbsp;</font></p></span><p sty=
le=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;m=
argin: 0;line-height:17pt; text-align: left;"><font color=3D"#000000" face=
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font><p style=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-=
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px;padding:0px;"></p></font><p style=3D"font-family:Arial,verdana;font-size=
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ft;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: =
12pt;color:#000000;"></font></p>

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<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
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<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 19pt; text-align: left;"><font face=3D"Arial, H=
elvetica" style><font style><span>

</span></font></font></p><p style=3D"font-family:Arial,verdana;font-size:12=
px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left=
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<span></span></span></span></span></span></font></span></span></font></div>=
<span><div align=3D"center" style=3D"text-align: center;">

<p style=3D"line-height:1.7;font-family:Arial,verdana; color:#000000;paddin=
g:0px;margin: 0;font-size: 12pt; line-height: 17pt; text-align: left;"><fon=
t color=3D"#000000" face=3D"Arial, Helvetica" style=3D"color: rgb(0, 0, 0);=
"><font style=3D"font-size: 12pt;"></font></font></p>

<p style=3D"line-height:1.7;font-family:Arial,verdana; color:#000000;paddin=
g:0px;margin: 0;font-size: 12pt; line-height: 17pt; text-align: left;"><fon=
t face=3D"Arial, Helvetica" style><font style=3D"font-size: 12pt;"></font><=
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<p style=3D"line-height:1.7;font-family:Arial,verdana; color:#000000;paddin=
g:0px;margin: 0;font-size: 12pt; line-height: 17pt; text-align: left;"><fon=
t color=3D"#000000" face=3D"Arial, Helvetica" style=3D"color: rgb(0, 0, 0);=
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<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 17pt; text-align: left;"><span style=3D"text-al=
ign: center; font-family: Arial, Helvetica, sans-serif;"><font style=3D"fon=
t-size: 12pt;"><b>StaalX is your steel supply chain manager&nbsp;</b></font=
></span></p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#00=
0000;padding:0px;margin: 0;line-height: 17pt; text-align: left;"><span styl=
e=3D"text-align: center; font-family: Arial, Helvetica, sans-serif;"><font =
style=3D"font-size: 12pt;"><br></font></span></p><p style=3D"font-family:Ar=
ial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height=
: 17pt; text-align: left;"><span style=3D"text-align: center; font-family: =
Arial, Helvetica, sans-serif;"><font style=3D"font-size: 12pt;">Today const=
ruction projects prefer to run lean making bulk project purchasing difficul=
t. With StaalX's platform, you can order only what you need when you need i=
t, reducing your initial cash outlay which helps to manage your working cap=
ital costs.&nbsp;</font></span></p><p style=3D"font-family:Arial,verdana;fo=
nt-size:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt; text-a=
lign: left;"><span style=3D"text-align: center; font-family: Arial, Helveti=
ca, sans-serif;"><font style=3D"font-size: 12pt;"><br></font></span></p><p =
style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0p=
x;margin: 0;line-height: 17pt; text-align: left;"><span style=3D"text-align=
: center; font-family: Arial, Helvetica, sans-serif;"><font style=3D"font-s=
ize: 12pt;">See how <font color=3D"#2828da"><a alt=3D"StaalX" href=3D"https=
://qprdy-zgpvh.maillist-manage.net/click/1c08f772a3d02d90/1c08f772a3d01adf"=
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ank" title=3D"StaalX" zcurl_name=3D"l_4"><font color=3D"#2828da" style=3D"c=
olor:#2828da;">StaalX</font></a></font> can support your next project by ca=
lling one of our team members.</font></span></p><p style=3D"font-family:Ari=
al,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height:=
 17pt; text-align: left;"><span style=3D"font-size: 12pt;"></span></p>

</div></span><div componentbgcolor=3D"#ffffff" componentlineheight=3D"17pt"=
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ingright=3D"30px" componentpaddingtop=3D"5px" id style=3D"background-color:=
 rgb(255, 255, 255); outline: none;"><b style=3D"font-size: 12pt;"></b></di=
v></div></div></div>
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se;" valign=3D"top">

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ze:12px;border:0px;padding:0px;width:100%;border-collapse:collapse; mso-tab=
le-lspace:0pt; mso-table-rspace:0pt;word-break:break-word;background-color:=
transparent;">
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pace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-tabl=
e-rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-top:none none=
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pace:0pt;font-size:12px;text-align:left;width:100%;padding:0px;border:0px;b=
order-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-br=
eak:break-word;width:100%;text-align:left;">
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apse:collapse; mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helv=
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15px;padding-left:15px;">
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ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
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se;" valign=3D"top">

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=09=09=09 <table bgcolor border=3D"0" cellpadding=3D"0" cellspacing=3D"0" c=
lass=3D"zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;pa=
dding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt;font-si=
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apse;">
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margin:0px;padding:0px;text-align:center;"><table align=3D"center" border=
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ize: 0px; margin: auto; width: 100%;" width=3D"100%"> <tbody><tr><td align=
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pse; mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, san=
s-serif; mso-table-rspace:0pt;font-size:12px;border:0px;padding:7px;border-=
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margin: 0px; padding: 0px; width: 100%; border-top-width: 1px;" width=3D"10=
0%">       </td> </tr></tbody></table></div>
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ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
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se;" valign=3D"top">

=09    =09<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" cel=
lspacing=3D"0" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-si=
ze:12px;border:0px;padding:0px;width:100%;border-collapse:collapse; mso-tab=
le-lspace:0pt; mso-table-rspace:0pt;word-break:break-word;background-color:=
transparent;">
=09    <tbody><tr>
=09=09<td class=3D"txtsize" style=3D"border-collapse:collapse; mso-table-ls=
pace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-tabl=
e-rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-top:0px none =
#ffffff ;border-bottom:0px none #ffffff;">
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ing=3D"0" class=3D"zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rs=
pace:0pt;font-size:12px;text-align:left;width:100%;padding:0px;border:0px;b=
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eak:break-word;width:100%;text-align:left;">
            =09=09<tbody><tr><td class=3D"paddingcomp" style=3D"border-coll=
apse:collapse; mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helv=
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px 15px;text-align:center;padding-top:0px;padding-bottom:0px;padding-right:=
0px;padding-left:0px;">
=09=09=09<a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a=
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ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
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se;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1651460503351" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:=
12px;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt;=
 mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: 100%;-web=
kit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border-collapse:c=
ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:25pt;border-top=
:0px none ;   border-bottom:0px none ;padding-top:10px;padding-bottom:5px;p=
adding-right:15px;padding-left:15px;">
             =09    =09=09<div componentlineheight=3D"25pt" componentpaddin=
gbottom=3D"5px" componentpaddingleft=3D"15px" componentpaddingright=3D"15px=
" componentpaddingtop=3D"10px" style><p align=3D"left" style=3D"font-family=
:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-hei=
ght: 25pt; text-align: left;"><b style=3D"font-family: Arial, Helvetica; ba=
ckground-color: transparent;"><font style=3D"font-size: 14pt;">From our con=
tent partner, SteelOrbis</font></b><br></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1715204336913" style=3D" mso-table-lspa=
ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-collapse:collap=
se;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1715204336913" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:=
12px;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt;=
 mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: 100%;-web=
kit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border-collapse:c=
ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:17pt;border-top=
:0px none ;   border-bottom:0px none ;padding-top:7px;padding-bottom:7px;pa=
dding-right:15px;padding-left:15px;">
             =09    =09=09<div componentlineheight=3D"17pt" style=3D"line-h=
eight: 17pt;"><div><span style=3D"line-height: 17pt;"><font style=3D"font-s=
ize: 12pt; line-height: 17pt;"><b><span style=3D"line-height: 17pt;"></span=
></b></font></span></div><span style=3D"line-height: 17pt;"><b><font style=
=3D"line-height: 17pt;"></font></b></span><font style><b></b></font><font s=
tyle><b></b></font><font style><b></b></font><span><span><font style><b></b=
></font></span></span><span><b><font style=3D"font-size: 12pt;">US import r=
ebar and wire rod markets steady as domestic discounting continues amid low=
er September scrap call&nbsp;</font></b></span><div><span><font style=3D"fo=
nt-size: 12pt;"><br></font></span></div><div><span><font style=3D"font-size=
: 12pt;">Wednesday, 04 September 2024 23:34:40 (GMT+3) San Diego&nbsp;</fon=
t></span></div><div><span><font style=3D"font-size: 12pt;"><br></font></spa=
n></div><div><span><font style=3D"font-size: 12pt;">US import rebar and wir=
e rod prices were steady this week, even as exporters are reported to be re=
ducing prices in reaction to aggressive domestic mill price discounting pro=
grams amid a growing call for sideways to lower September scrap pricing, ma=
rket insiders told SteelOrbis this week. New transactions remain limited, t=
hey say, as domestic mill discounting continues to limit the room for impor=
ts to secure sparse market share against US domestic long steel production.=
&nbsp;</font></span></div><div><span><font style=3D"font-size: 12pt;"><br><=
/font></span></div><div><span><font style=3D"font-size: 12pt;">Import marke=
t insiders say that ongoing losses on inventories currently on the ground c=
ontinue to reduce demand for longer-term contracts, especially those that w=
ill arrive in the later months of the year.&nbsp;</font></span></div><div><=
span><font style=3D"font-size: 12pt;"><br></font></span></div><div><span><f=
ont style=3D"font-size: 12pt;">&quot;We've seen a decline this week in reba=
r pricing because of lower priced imports,&quot; said one Gulf Coast rebar =
dealer. &quot;The lowest pricing we're seeing (for import rebar) is from Bu=
lgarian dealers at $35.00-$36.00/cwt., who are basing their pricing off of =
Ukrainian billets.&nbsp;</font></span></div><div><span><font style=3D"font-=
size: 12pt;"><br></font></span></div><div><span><font style=3D"font-size: 1=
2pt;">Houston import rebar is assessed at $35.25/cwt. ($710/nt or $783/mt) =
loaded truck basis, steady from the week of August 26. Mexican rebar vicini=
ty Houston on a loaded truck basis, was also unchanged at $36.25-837.50/cwt=
. ($725-750/nt or $799-827/mt). Market insiders said Mexican rebar remains =
non-competitive with domestic supplies as concerns over antidumping from Me=
xico limit price discounting actions from Mexican mills.&nbsp;</font></span=
></div><div><span><font style=3D"font-size: 12pt;"><br></font></span></div>=
<div><span><font style=3D"font-size: 12pt;">&quot;Mexican rebar supply rema=
ins about $2.00/cwt out of the market right now, because as they approach t=
he price of domestic supply, concerns about antidumping become heightened, =
a Gulf Coast rebar trader said,&nbsp;</font></span></div><div><span><font s=
tyle=3D"font-size: 12pt;"><br></font></span></div><div><span><font style=3D=
"font-size: 12pt;">US Gulf Coast loaded truck basis rebar is assessed stead=
y on the week at $35.25/cwt. ($705/nt or $777/mt) delivered, following earl=
ier declines from $36.50/cwt ($730/nt or $805/mt) reported during the week =
of August 19. Imported supply from Egypt is assessed steady at $35.50/cwt. =
($710/nt or $783/mt) on a delivered basis, while delivered Algerian rebar i=
s discussed at $35.00-$35.50/cwt. ($700-$710/nt or $772-783/mt).&nbsp;</fon=
t></span></div><div><span><font style=3D"font-size: 12pt;"><br></font></spa=
n></div><div><span><font style=3D"font-size: 12pt;">&quot;We're not seeing =
many substantial (rebar) orders as Algeria and Egypt are struggling to find=
 customers even at $35.00-35.50/cwt ($700-710/nt or $772-783/mt),&quot; sai=
d one import rebar market insider. &quot;Domestic mills are so competitive =
on pricing that importers have been forced to cut their prices to find any =
market share at all.&quot;&nbsp;</font></span></div><div><span><font style=
=3D"font-size: 12pt;"><br></font></span></div><div><span><font style=3D"fon=
t-size: 12pt;">In the import wire rod market, prices were steady on the wee=
k at $35.50-537.00/cwt ($710/nt-$$740/nt or $783-816/mt).&nbsp;</font></spa=
n></div><div><span><font style=3D"font-size: 12pt;"><br></font></span></div=
><div><span><font style=3D"font-size: 12pt;">Import pricing on the US West =
Coast is expected to remain under pressure in the near term as new flows of=
 Malaysian rebar and wire rod enter the market, market insiders told SteelO=
rbis. Traders caution though, that domestic markets for Malaysian rebar rem=
ain limited as most supply is based on 40-60-foot lengths, instead of the u=
sual 20-foot lengths preferred by US distributors. More sales are expected =
to be generated by a &quot;narrower client base of domestic fabricators, th=
ey said</font></span><div><div><div><font style=3D"font-size: 12pt;"><span>=
<font style></font></span><br></font><div><div><div><div><span style=3D"lin=
e-height: 17pt;"><font style=3D"font-size: 12pt;"></font></span></div></div=
></div></div><span><font style=3D"font-size: 12pt;"><b></b></font></span></=
div><span><font style=3D"font-size: 12pt;"><b>US domestic rebar and wire ro=
d prices mostly stable on continued mill discounting, lower scrap call&nbsp=
;</b></font></span></div><div><span><font style=3D"font-size: 12pt;"><br></=
font></span></div><div><span><font style=3D"font-size: 12pt;">Wednesday, 04=
 September 2024 23:31:36 (GMT+3) San Diego&nbsp;</font></span></div><div><s=
pan><font style=3D"font-size: 12pt;"><br></font></span></div><div><span><fo=
nt style=3D"font-size: 12pt;">US domestic rebar and wire rod markets remain=
 mostly stable in continued thin trade, as domestic mills continue to disco=
unt pricing to maintain market share versus imports even as September scrap=
 is called sideways to lower heading into the start of the September buy cy=
cle, long steel market insiders told SteelOrbis this week.</font></span></d=
iv><div><span><font style=3D"font-size: 12pt;"><br></font></span></div><div=
><span><font style=3D"font-size: 12pt;">New spot market trading remains lim=
ited, insiders say, because locking in large purchases now could be risky, =
especially if September scrap prices settle down from August levels. At the=
 time of publication, September Midwest scrap is seen sideways to August va=
lues for prime busheling grades and #1 bundles, while cuts and shred grades=
 are seen $20-$30/gt less, surveys indicate Not much if any premium is expe=
cted for US Gulf Coast scrap grades as international export scrap markets r=
emain sluggish, with demand generally reported down.&nbsp;</font></span></d=
iv><div><span><font style=3D"font-size: 12pt;"><br></font></span></div><div=
><span><font style=3D"font-size: 12pt;">While new spot transactions remain =
limited as domestic demand remains low, insiders say current pricing is &qu=
ot;At or close to bottom, though few contacts surveyed expecting rebar and =
wire rod prices to substantially increase before the end of the year, despi=
te a growing expectation for a one-quarter to one point interest rate cut b=
y the Federal Reserve in September.&nbsp;</font></span></div><div><span><fo=
nt style=3D"font-size: 12pt;"><br></font></span></div><div><span><font styl=
e=3D"font-size: 12pt;">&quot;It's kind of quiet, and imports aren't happeni=
ng as domestic mills remain fairly competitive on pricing,&quot; said one G=
ulf Coast market insider. &quot;Domestic producers are discounting their re=
bar pricing by $1.00-$2.00/cwt. order to remain competitive with lower-pric=
ed US Gulf Coast imports at $35.50/cwt.&quot;&nbsp;</font></span></div><div=
><span><font style=3D"font-size: 12pt;"><br></font></span></div><div><span>=
<font style=3D"font-size: 12pt;">Domestic rebar FOB mill basis is assessed =
unchanged on the week at $35.00-38.00/cwt. ($700-760/nt or $772-838/mt), wi=
th the low end of the trading range once again representing heavily discoun=
ted mill pricing for those buyers able to lock in sizable transactions.&nbs=
p;</font></span></div><div><span><font style=3D"font-size: 12pt;"><br></fon=
t></span></div><div><span><font style=3D"font-size: 12pt;">&quot;We're hope=
ful that a rate cut by the Fed will cause some upward movement in prices,&q=
uot; said one Midwest rebar dealer. &quot;The only good thing that we see n=
ow with regard to the domestic markets is that nobody's booking for &quot;f=
uture delivery,&quot; he added. &quot;They're buying rebar that's available=
 on the ground, right now, so they're picking up a few truckloads at a time=
, here and there.&quot;&nbsp;</font></span></div><div><span><font style=3D"=
font-size: 12pt;"><br></font></span></div><div><span><font style=3D"font-si=
ze: 12pt;">On the domestic wire rod front, pricing on an FOB mill basis is =
assessed mostly stable to the week of August 26 at $36.00- 40.00/cwt. ($720=
-800/nt or $794-882/mt) &quot;depending on mill,&quot; insiders said</font>=
</span><div><span><font style=3D"font-size: 12pt;"></font></span><div><span=
><font style=3D"font-size: 12pt;"></font></span><div><font style=3D"font-si=
ze: 12pt;"><span><font style></font></span><br></font><div><div><div><font =
style=3D"font-size: 12pt;"><b style=3D"background-color: transparent;"></b>=
</font></div></div></div></div><span><span><font style=3D"font-size: 12pt;"=
><b></b></font></span></span></div></div></div><span><font style=3D"font-si=
ze: 12pt;"><b></b></font></span></div><span><font style=3D"font-size: 12pt;=
"><b>September US scrap seen sideways to lower in Midwest, sideways to Augu=
st settles on East Coast&nbsp;</b></font></span></div><div><span><font styl=
e=3D"font-size: 12pt;"><br></font></span></div><div><span><font style=3D"fo=
nt-size: 12pt;">Friday, 06 September 2024 00:27:04 (GMT+3) San Diego&nbsp;<=
/font></span></div><div><span><font style=3D"font-size: 12pt;"><br></font><=
/span></div><div><span><font style=3D"font-size: 12pt;">US ferrous scrap pr=
icing for the month of September is seen sideways to lower in the US Midwes=
t on scant finished steel demand and reduced steel capacity due to outages,=
 while US East Coast scrap is expected to perform better, with a sideways a=
ssessment expected across all grades at presstime, largely due to better de=
mand and higher prices from key scrap exporters, scrap market insiders told=
 SteelOrbis this week.&nbsp;</font></span></div><div><span><font style=3D"f=
ont-size: 12pt;"><br></font></span></div><div><span><font style=3D"font-siz=
e: 12pt;">&quot;There's really not that much demand for finished products, =
the flat rolled market is dead, and there's operational problems, with some=
 mills taking downtime (performing maintenance) because their order books a=
re weak, an East Coast scrap insider told SteelOrbis this week. &quot;Many =
mills are moving their outages up 30-60 days, so we don't think the markets=
 are going to be very active over the next several months.&quot;&nbsp;</fon=
t></span></div><div><span><font style=3D"font-size: 12pt;"><br></font></spa=
n></div><div><span><font style=3D"font-size: 12pt;">As the SteelOrbis Scrap=
 Forecaster went to publication, September scran transactions began to be r=
eported, giving a greater sense of surety to recent scrap assessments.&nbsp=
;</font></span></div><div><span><font style=3D"font-size: 12pt;"><br></font=
></span></div><div><span><font style=3D"font-size: 12pt;">&quot;While it's =
still kind of early, we heard that Steelton (Cleveland Cliffs) purchased Ea=
st Coast HMS#1 at $300/gt ($305/mt) and P&S at $330/gt ($335/mt) for small =
batches,&quot; the East Coast scrap insider said a day later. &quot;They re=
portedly didn't need a lot because they had some downtime (for plant mainte=
nance) and some operational problems.&quot;&nbsp;</font></span></div><div><=
span><font style=3D"font-size: 12pt;"><br></font></span></div><div><span><f=
ont style=3D"font-size: 12pt;">In the US Midwest, the September scrap outlo=
ok has shifted from sideways for all grades during the last week of August =
to sideways for all grades except shredded, which is seen last down $20/gt =
($22/mt).&nbsp;</font></span></div><div><span><font style=3D"font-size: 12p=
t;"><br></font></span></div><div><span><font style=3D"font-size: 12pt;">&qu=
ot;In the Midwest, shredded is seen the weakest,&quot; said another Midwest=
 scrap insider. &quot;We're seeing a shortage of cut grade scrap (HMS#1 and=
 P&S), so the call is looking sideways now for them.&quot; Busheling scrap =
is last seen sideways, unchanged from earlier in the September scrap assess=
ment period.&nbsp;</font></span></div><div><span><font style=3D"font-size: =
12pt;"><br></font></span></div><div><span><font style=3D"font-size: 12pt;">=
&quot;The talk is that there is not a light at the end of the tunnel,&quot;=
 said one Midwest scrap broker about current market conditions. &quot;The m=
arket fundamentals remain weak, however, there's still not a lot of scrap a=
vailable, so we'll see&quot;&nbsp;</font></span></div><div><span><font styl=
e=3D"font-size: 12pt;"><br></font></span></div><div><span><font style=3D"fo=
nt-size: 12pt;">While it remains early in the market discussions, based on =
the most recent market consensus, Midwest prime busheling scrap for Septemb=
er is assessed sideways to the August settle of $355-$375/gt ($361-381/mt) =
delivered to mill. September shredded scran is assessed $20/gt below the Au=
gust settle of $370-380/gt ($376-386/mt), while September HMS#1 is seen set=
tling sideways to the August settle of $320/gt ($325/mt). At current, P&S s=
crap is discussed sideways as well to the August settle of $345-355/gt ($35=
1- 361/mt) delivered to mill, insiders said.&nbsp;</font></span></div><div>=
<span><font style=3D"font-size: 12pt;"><br></font></span></div><div><span><=
font style=3D"font-size: 12pt;">On the US East Coast, September busheling s=
crap is expected to settle sideways to the $350-385/gt ($356-391/mt) delive=
red to mill August settle, while shredded is talked sideways to the $370/gt=
 ($376/mt) August settle, HMS#1 and P&S scrap are also forecast to settle s=
ideways to the August settles of $290-315/gt ($295-320/mt), and $320-340/gt=
 ($325-345/mt) delivered to mill, respectively, market insiders told SteelO=
rbis.&nbsp;</font></span></div><div><span><font style=3D"font-size: 12pt;">=
<br></font></span></div><div><span><font style=3D"font-size: 12pt;">Market =
insiders explained that the earlier expectations for lower September scrap =
pricing for East Coast cut grades (HMS#1 and P&S) was changed to sideways m=
ost recently, as export sales for deep sea scrap to Turkey were confirmed a=
t higher levels than initially expected. &quot;We heard late sales of most =
likely 40,000 tons of HMS I/II 80:20 scrap to Turkey at $370/mt CFR,&quot; =
said one East Coast scrap dealer. That's up $7/mt from the last reported tr=
ade.&quot; He continued, &quot;The word is that Turkey might have to buy mo=
re scrap, so pricing might go up another $3/mt.&quot;</font></span><div><sp=
an><font style=3D"font-size: 12pt;"></font></span></div></div></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
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margin: 0px; padding: 0px; width: 100%; border-top-width: 1px;" width=3D"10=
0%">       </td> </tr></tbody></table></div>
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ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
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se;" valign=3D"top">










=09                <div class=3D"zpelement-wrapper wdgts" id=3D"elm_1614756=
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=09=09=09=09=09=09<table bgcolor border=3D"0" cellpadding=3D"0" cellspacing=
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=09=09=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D=
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if; mso-table-rspace:0pt;font-size:12px;border:none;padding:0px;margin:0px;=
" valign=3D"top"><table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size=
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er-collapse:collapse; mso-table-lspace:0pt; font-size:12px;font-family:Aria=
l, Helvetica, sans-serif; mso-table-rspace:0pt;font-size:12px;padding-right=
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:collapse; mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helvetic=
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llspacing=3D"0" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-s=
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n=3D"center" name=3D"sclwdgtimges" style=3D"border-collapse:collapse; mso-t=
able-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; m=
so-table-rspace:0pt;font-size:12px;border: none;padding: 0px;margin: 0px;pa=
dding-bottom: 6px;" valign=3D"middle"> <a href=3D"https://qprdy-zgpvh.maill=
ist-manage.net/click/1c08f772a3d02d90/1c08f772a3d01ae7" style=3D"text-decor=
ation:underline;display: block;font-size: 1px;" target=3D"_blank" zcurl_nam=
e=3D"l_8"><img alt=3D"LinkedIn" height=3D"35" src=3D"https://stratus.campai=
gn-image.com/images/867215000015477004_1_1715205012151_zcsclwgtlin1.png" st=
yle=3D"border: 0px; margin: 0px; outline: none; text-decoration: none; widt=
h: 40px; height: 40px;" vspace=3D"10" width=3D"35"></a> </td></tr><tr><td a=
lign=3D"center" name=3D"sclwdgtcaptns" style=3D"border-collapse:collapse; m=
so-table-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-seri=
f; mso-table-rspace:0pt;font-size:12px;border:none;padding: 0px;margin: 0px=
;" valign=3D"middle"><a href=3D"https://qprdy-zgpvh.maillist-manage.net/cli=
ck/1c08f772a3d02d90/1c08f772a3d01ae9" style=3D"display: block;font-size: 1p=
x;font-weight: normal;line-height: normal;text-align: center;text-decoratio=
n: none;" target=3D"_blank" zcurl_name=3D"l_9"><p fntname=3D"Arial" fntsze=
=3D"10" style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;pa=
dding:0px;margin: 0;line-height: normal; font-family: Arial, Helvetica, san=
s-serif; color: rgb(27, 107, 189); font-size: 10pt;">LinkedIn</p></a> </td>=
</tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></=
td><td align=3D"left" style=3D"border-collapse:collapse; mso-table-lspace:0=
pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-rspa=
ce:0pt;font-size:12px;border:none;padding:0px;margin:0px;" valign=3D"top"><=
table align=3D"left" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=
=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:12px;border-colla=
pse: collapse;border: none;"><tbody><tr><td style=3D"border-collapse:collap=
se; mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, sans=
-serif; mso-table-rspace:0pt;font-size:12px;padding-right: 9px;padding-bott=
om: 9px;border:none;padding: 0px;margin: 0px;" valign=3D"top"> <table borde=
r=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-table-lspace:0pt;=
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;"><tbody><tr><td align=3D"left" style=3D"border-collapse:collapse; mso-tab=
le-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso=
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> <table align=3D"left" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" st=
yle=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:12px;border-co=
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=3D"sclwdgtimges" style=3D"border-collapse:collapse; mso-table-lspace:0pt; =
font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-rspace:0=
pt;font-size:12px;border: none;padding: 0px;margin: 0px;padding-bottom: 6px=
;" valign=3D"middle"> <a href=3D"https://qprdy-zgpvh.maillist-manage.net/cl=
ick/1c08f772a3d02d90/1c08f772a3d01aeb" style=3D"text-decoration:underline;d=
isplay: block;font-size: 1px;" target=3D"_blank" zcurl_name=3D"l_10"><img a=
lt=3D"Facebook" height=3D"35" src=3D"https://stratus.campaign-image.com/ima=
ges/867215000015477004_2_1715205012306_zcsclwgtfb1.png" style=3D"border: 0p=
x; margin: 0px; outline: none; text-decoration: none; width: 40px; height: =
40px;" vspace=3D"10" width=3D"35"></a> </td></tr><tr><td align=3D"center" n=
ame=3D"sclwdgtcaptns" style=3D"border-collapse:collapse; mso-table-lspace:0=
pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-rspa=
ce:0pt;font-size:12px;border:none;padding: 0px;margin: 0px;" valign=3D"midd=
le"><a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a3d02d=
90/1c08f772a3d01aed" style=3D"display: block;font-size: 1px;font-weight: no=
rmal;line-height: normal;text-align: center;text-decoration: none;" target=
=3D"_blank" zcurl_name=3D"l_11"><p fntname=3D"Arial" fntsze=3D"10" style=3D=
"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin=
: 0;line-height: normal; font-family: Arial, Helvetica, sans-serif; color: =
rgb(27, 107, 189); font-size: 10pt;">Facebook</p></a> </td></tr></tbody></t=
able></td></tr></tbody></table></td></tr></tbody></table></td><td align=3D"=
left" style=3D"border-collapse:collapse; mso-table-lspace:0pt; font-size:12=
px;font-family:Arial, Helvetica, sans-serif; mso-table-rspace:0pt;font-size=
:12px;border:none;padding:0px;margin:0px;" valign=3D"top"><table align=3D"l=
eft" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-table-l=
space:0pt; mso-table-rspace:0pt;font-size:12px;border-collapse: collapse;bo=
rder: none;"><tbody><tr><td style=3D"border-collapse:collapse; mso-table-ls=
pace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-tabl=
e-rspace:0pt;font-size:12px;padding-right: 9px;padding-bottom: 9px;border:n=
one;padding: 0px;margin: 0px;" valign=3D"top"> <table border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D" mso-table-lspace:0pt; mso-table-rspac=
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d align=3D"left" style=3D"border-collapse:collapse; mso-table-lspace:0pt; f=
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t;font-size:12px;padding:7px;padding-top: 0px;padding-right: 9px;padding-bo=
ttom: 0px;padding-left: 9px;border:none;" valign=3D"middle"> <table align=
=3D"left" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt;font-size:12px;border-collapse: collap=
se;border: none;" width><tbody><tr><td align=3D"center" name=3D"sclwdgtimge=
s" style=3D"border-collapse:collapse; mso-table-lspace:0pt; font-size:12px;=
font-family:Arial, Helvetica, sans-serif; mso-table-rspace:0pt;font-size:12=
px;border: none;padding: 0px;margin: 0px;padding-bottom: 6px;" valign=3D"mi=
ddle"> <a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a3d=
02d90/1c08f772a3d01aef" style=3D"text-decoration:underline;display: block;f=
ont-size: 1px;" target=3D"_blank" zcurl_name=3D"l_12"><img alt=3D"Instagram=
" height=3D"35" src=3D"https://stratus.campaign-image.com/images/8672150000=
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0px; outline: none; text-decoration: none; width: 40px; height: 40px;" vspa=
ce=3D"10" width=3D"35"></a> </td></tr><tr><td align=3D"center" name=3D"sclw=
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ze:12px;font-family:Arial, Helvetica, sans-serif; mso-table-rspace:0pt;font=
-size:12px;border:none;padding: 0px;margin: 0px;" valign=3D"middle"><a href=
=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a3d02d90/1c08f772=
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eight: normal;text-align: center;text-decoration: none;" target=3D"_blank" =
zcurl_name=3D"l_13"><p fntname=3D"Arial" fntsze=3D"10" style=3D"font-family=
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/tr></tbody></table></td></tr></tbody></table></td><td align=3D"left" style=
=3D"border-collapse:collapse; mso-table-lspace:0pt; font-size:12px;font-fam=
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r:none;padding:0px;margin:0px;" valign=3D"top"><table align=3D"left" border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-table-lspace:0pt; =
mso-table-rspace:0pt;font-size:12px;border-collapse: collapse;border: none;=
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t;font-size:12px;padding-right: 9px;padding-bottom: 9px;border:none;padding=
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adding-left: 9px;border:none;" valign=3D"middle"> <table align=3D"left" bor=
der=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-table-lspace:0p=
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ne;" width><tbody><tr><td align=3D"center" name=3D"sclwdgtimges" style=3D"b=
order-collapse:collapse; mso-table-lspace:0pt; font-size:12px;font-family:A=
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ne;padding: 0px;margin: 0px;padding-bottom: 6px;" valign=3D"middle"> <a hre=
f=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a3d02d90/1c08f77=
2a3d01af3" style=3D"text-decoration:underline;display: block;font-size: 1px=
;" target=3D"_blank" zcurl_name=3D"l_14"><img alt=3D"X" height=3D"35" src=
=3D"https://stratus.campaign-image.com/images/867215000015477004_4_17152050=
12513_zcsclwgttwt1.png" style=3D"border: 0px; margin: 0px; outline: none; t=
ext-decoration: none; width: 40px; height: 40px;" vspace=3D"10" width=3D"35=
"></a> </td></tr><tr><td align=3D"center" name=3D"sclwdgtcaptns" style=3D"b=
order-collapse:collapse; mso-table-lspace:0pt; font-size:12px;font-family:A=
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e;padding: 0px;margin: 0px;" valign=3D"middle"><a href=3D"https://qprdy-zgp=
vh.maillist-manage.net/click/1c08f772a3d02d90/1c08f772a3d01af5" style=3D"di=
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p fntname=3D"Arial" fntsze=3D"10" style=3D"font-family:Arial,verdana;font-s=
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t;">X</p></a> </td></tr></tbody></table></td></tr></tbody></table></td></tr=
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=09=09=09=09=09=09=09</td></tr>
=09=09=09            </tbody></table>=09
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