g opportunity for investors who are willing to tolerate supply-driven risks ascociated with Chinese fiscal tightening. Figure 1: U.S. FIRC, CRC and HDG Steel Pricing Trends $1,100 $1,000 S900 $800 $700 $600 $500 $400 $300 e NNO/ C4M O rr OW CO CNN 8818 ° u. 3 or 0 E ac rt Z SUS HRC Vat —US CRC S