Morgan Stanley making positive comments on X, STLD, NUE
- Firm is more bullish on US steel pricing in 2H17, while some of the benefit is offset by a positive lift to firms scrap forecast, firm thinks now is an attractive entry point and recommend X, STLD and NUE.
- Firm has raised their 2H17 HRC forecast by ~$55/st to ~$625/st. Their scrap forecast rose by $30/lt, so the benefit of higher prices is seen most in their upward revisions of estimates for X and CLF