Will steel prices fall or maintain their strength.    Steel equities continue to be volatile, driven by macro woes and commodity pricemovements. Although current spot conditions remain strong, we still expect costsupport to fade and, thus, European prices to fall (current spot conditions wouldimply further significant earnings upgrades across the space). Our top picks are1) ArcelorMittal, which looks attractive to us based on strong cash flow (7-12%FCF yield), valuation and additional upside optionality; and 2) Voestalpine, whichwe believe has more room for upgrades, generates strong underlying CF (9-10%FCF yield) and has a less volatile business model.    HRC: N. European prices down E1.    Last week, N. European prices were down E1 to E537 (up USD1 to USD633) andS. European prices were down E1 to E500 (stable in USD terms at USD590). Priceshave fallen E10 in the past three months.    US HRC prices up USD14; Chinese export prices stable.    US HRC prices were up USD14 last week following the USD40/t price increaseof several US players. The price gap with Europe rose to USD56/t, while the pricedifferential with China increased to USD143/t. Chinese HRC prices were stableat USD546. The spread between Chinese and S. European prices was also stableat USD44, less than the two-year average spread of USD58, with Chinese pricesdown E5 (down USD6) in the past three months.    Plate: N. European prices up E1.    N. European prices were up E1 to E575 (up USD3 to USD678). Prices fell E15 inthe past month. S. European prices were stable at E537 (up USD2 to USD633).    US prices were stable at USD759 (also stable in euro terms at E648).    Iron ore: Fines 62% Fe prices up USD2/dmt; coking coal: prices up USD5.    The prices of Fines 62% rose by USD2/dmt WoW to USD67/dmt. Chinese steeloutput decreased 0.7% WoW to 1.80mt/day in the first 10 days of November.    Prices of premium coking coal (Australian exports) increased by USD5 to USD201last week. They also increased in euro terms by E2 to E168.    Scrap: European prices stable.    European prices were stable at USD290/t, while Turkish prices were up USD5 toUSD315/t last week. If current prices were to remain stable until end-Q4, the QoQprice decrease for European scrap in Q4 would be USD24.

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