Is US’ steel bonanza in final countdown?

More than a year has passed since the coronavirus crisis took US’ steelmaking industry to one of its ugliest times in history. Back in April 2020, production fell to the lowest monthly level in more than 10 years while HRC prices plummeted to levels last seen in 2015. Now we see ourselves in July 2021 where HRC prices have more than tripled from the lows of last year and some steelmakers are arguably making margins north of 150%. With such a swift bear to bull reversal and all the current thrill surrounding the steel sector, a few pivotal questions deserve our attention. What is behind the new bonanza time? Should we expect a sharp correction anytime soon? Can any bipartisan infrastructure bill represent a game changer for the industry?