Bank of America has raised its steel price forecast but sees no remaining upside for now. The firm has upped its U.S. benchmark hot rolled coil (HRC) 2016 average price estimate from $485 to $530/short ton.

Analyst Timna Tanners is calling for HRC prices to peak at $600/t in Q3 before pulling back in Q4.

“Sheet market strength has been driven by supply constraints, as trade cases and higher Q1 Asian prices reduced import offers and AKS and X have each kept blast furnaces idle,” Tanners explained.

In addition to upping its steel price outlook, Bank of America has also upgraded United States Steel Corporation X 1.3% from Underperform to Neutral due in part to its recent balance sheet improvements. Tanners believes that U.S. Steel’s debt refinancing has removed any near-term liquidity concerns.

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