Market Segment
September 12, 2023
Written by Laura Miller
US steel exports declined for a third consecutive month in July but remained elevated compared to recent years.
Exports of all steel products totaled 844,632 net tons in July, according to the latest figures from the US Department of Commerce. That was a 6% decline from June’s exports of 901,349 tons, and down from May 2023’s recent high of 914,018 tons (Fig. 1).
Domestic raw steel output recovered after seeing significant swings in the prior two weeks, according to the latest AISI figures.
President Trump announced that Mesabi Metallics will build the largest steel plant in the US in the state of Iowa.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
US steel industry groups representing most of domestic steel production are urging the Trump administration to tighten trade measures on steel imports from South Korea. They are seeking a South Korea-specific tariff-rate quota (TRQ) and an investigation into a reported import surge.
Nucor said its consumer spot price for hot-rolled coil will be $1,220 per short ton (st) for the week of Sept. 28. That's a 10/st increase from a week earlier.