Market Segment
November 3, 2023
GrafTech Swings to a Loss in Q3
Written by Becca Moczygemba
GrafTech International reported a bumpy third quarter. But despite the challenges, the company said it’s certain improvement is on the horizon.
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In this week's Market Chatter, steel buyers point to tight supply and steady demand as reasons sheet prices could keep rising, with many expecting HRC to reach $1,400-1,449 per short ton in two months. Views on when the rally will peak are mixed, with some anticipating further increases while others mention softening demand and political uncertainty. Respondents also disagree on tariffs' impact. They say reshoring is generating activity but has yet to translate consistently into demand.
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Latin American steelmaker Ternium is considering filing more anti-dumping cases in Mexico, according to a report from Reuters. Ternium CEO Maximo Vedoya told Reuters on Tuesday that the company would “very likely” file more trade cases in Mexico after supporting recent trade actions there. Additionally, Vedoya said the US and Mexico share a common issue in combating unfairly traded steel.
Mesabi Metallics gets preliminary OK on tax incentives for Iowa mill
Mesabi Metallics has received preliminary approval for tax incentive terms for a proposed steel plant in Iowa, following a Nov. 10 meeting of the Lee County Board of Supervisors. The company, owned by India’s Essar Group, announced in late September its intention to build an electric-arc furnace steel plant in the state, which, if built, would be the largest in the US.
ArcelorMittal Calvert electrical steel mill remains on track for 2027 start
ArcelorMittal Calvert is progressing on the construction of its new $1.2-billion non-grain-oriented electrical steel (NGO or NOES) mill, with production slated to begin in 2027. The steelmaker reported in its third-quarter earnings that it's on track with the 150,000-metric-ton-per-year project, located adjacent to its existing sheet mill in Calvert, Ala.