Domestic raw steel production increased last week, now alternating up and down movements for the last four weeks, according to a new report from Majestic Steel.
"U.S. mills produced an estimated 1,821k tons at a 78.7 percent utilization rate; this is up from 1,804k tons and a 78.0 percent rate previously. Production increased in three of the five regions, with large increases coming from the Great Lakes and Southern regions," the report says. "Production from the Great Lakes region climbed from 659k tons to 685k tons, while production from the Southern region increased from 663k tons to 698k tons. Year-to-date production continues to drop, now 4.8% above the same time frame from last year."
On the iron ore pricing front, pricing is down for the fourth time out of five weeks.
"Spot iron ore pricing ended the week at $85.75/mt, down from $93.50/mt a week ago. Iron ore prices continue to face downward pressure and are likely to remain below the $90 mark. This is due to increased supply coming from Australia which has created a supply surplus at Chinese ports. Iron ore stockpiles at Chinese ports remained flat this week, coming in at 119.8 mmt."
Read more news on the steel market in the Steel Reports section of SNIPSmag.com.