For the third consecutive week, Majestic Steel's market research reports a decrease in domestic steel production among steelmakers. According to the report, U.S. mills produced an estimated 1,847k tons at a 79.4 percent utilization rate, down from 1,851k tons and a 79.5 percent rate previously.
The lowest domestic production level since August 2018, production did increase slightly in three out of the five U.S. regions. But that was offset by large decreases in the Northeast and Great Lakes regions.
The report explains, "Production from the Great Lakes region decreased the most for the second consecutive week, sliding from 697k tons to 688k tons. Year-to-date production is now 7.6 percent above the same time frame from last year."
Meantime, as domestic steel production continues to fall, steel prices continue to rise. Nucor recently announced steel prices, and ArcelorMittal, US Steel and NLMK soon followed suit.