After the newest batch of MSCI data for the month of February, Axiom analyst Gordon Johnson is as bearish as ever on steel prices.U.S. steel mill service centers recorded a 6.4 percent month-over-month decline in shipments and a 0.6 percent rise in inventories. Johnson notes that the historical average shipment decline is only 3.9 percent, while inventories have averaged a 0.2 percent decline as well.“In short, as we have stated a number of times in the past, we believe inventory is being built in anticipation of a ‘Trump effect’ via imminent infrastructure spend and tax policy (which we do not see taking effect in 2017) against a backdrop of ‘tepid’ end-market demand,” Johnson explains.via