Domestic and global steel production stays flat
Majestic Steel's recently released CORE Report reports that domestic raw steel production was virtually flat during the week of Sept. 23, 2019, down for the fourth consecutive week and for the sixth time in the last seven weeks. The report reads, "U.S. mills produced an estimated 1,809k tons at a 77.7% utilization rate; this is down from 1,811k tons and a 77.8% rate previously. This remains the lowest production level since late July 2018."
Although production increased in three of the country's five regions, it was offset by a large decrease in the Southern region, the report reads. "Production from the Southern region dropped from 668k tons to 649k tons. Year-to-date production is now 5.5% above the same time frame from last year."
Also falling flat is global steel production. "Total global steel production came in at 156.039 million metric tons, down slightly from 156.208 million metric tons. Global steel production continued to climb on a year-over-year basis however, climbing 3.1% from 151.293 million metric tons in August 2018."
Meantime, Chinese steel production continues to rise. "Global production, excluding China, totaled 68.788 million met- ric tons in August, down 3.1% on both a m/m and y/y basis. United States production inched higher for the second consecutive month, climbing 1.0% from July to 7.497 million metric tons. Year-to-date global steel production is now up 4.5% over the same time frame last year," the report reads.
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