• Skip to main content

    Prices

    July 19, 2022

    Weekly Raw Steel Production Dips Again

    Written by David Schollaert

    Raw steel production by US mills slipped last week, shrinking for the second straight week and keeping mill utilization rates below the 80% mark for just the second time since early April. Domestic capacity utilization fell to 78.9%—its lowest mark year-to-date—while mill production totaled 1,738,000 net tons in the week ending July 16, reported the American Iron and Steel Institute.

    US output was down 0.6% versus the week prior, and down 6.7% versus the same year-ago period when production was 1,862,000 net tons. Mill capacity utilization last week was 0.4 percentage points below the prior week and 5.9 percentage points below the same period one year ago when utilization was 84.4%.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

    Read more from David Schollaert

    Latest in Prices

    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.

    Nucor increases spot HR to $1,240/ton

    Nucor said on Monday, Oct. 12, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,240 per short ton (st) this week, a $10/st increase from a week earlier. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,305/st, up $15/st from the prior week. Nucor is still offering lead times of three to five weeks, according to the letter to customers. You can track mill price announcements on our website. Steel Market Update (SMU) published a weekly price assessment on Tuesday, Oct. 6, showing HR coil prices averaging $1,270/st, up $10/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 13.