Despite the slight uptick in base metals markets this past week, steel does not appear to be headed in the same direction. And any industry chatter about an uptick in steel demand appears to be well, not real. To wit, this article from the blog site Seeking Alpha aptly describes the premature enthusiasm from steelmakers with regard to various stimulus packages.
Here are a few more data points suggesting steel demand has not increased. The LME steel billet contract appears to be declining in price from $330-340/ton a week ago to $300/ton FOB Black Sea Port today. And this article from Mineweb also suggests steel prices have deteriorated in China from their January levels.
Domestic prices for a range of steel products including hot rolled coil are also trending lower. It looks like the bottom for steel may still be a little ways a way.