Subscriber OnlyMarketsEconomicsSteel Outlook Darkens as Citi Sees Low Prices Until 2022Photographer: James MacDonald/BloombergByAoyon Ashraf+FollowAugust 27, 2019, 3:48 PM UTCTerms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The steel industry is suffering a bad headache as benchmark hot-rolled coil prices have fallen 38% from their peak in 2018.