Market Segment
January 16, 2024
Written by David Schollaert
Raw steel production in the US decreased marginally in the second week of 2024, according to the most recent data from the American Iron and Steel Institute (AISI).
Domestic steel output totaled an estimated 1,699,000 net tons in the week ended Jan. 13. That’s down 0.5% from the previous week, and comparable to the same week last year when production stood at 1,697,000 tons.
US flat-rolled steel import licenses climbed in September, extending a recovery after several months of depressed inbound shipments. Licenses rose 4.9% month on month to 679,889 short tons (st), their highest level in 14 months and 29.1% above the 12-month moving average (12MMA) for August, according to Commerce Department data. The increase was led by cold-rolled sheet and other metallic-coated products, with particularly sharp gains in licenses from Turkey, Taiwan, and South Korea. Hot-rolled sheet licenses eased from August’s 19-month high, while galvanized sheet, coiled plate and cut-to-length plate also slipped month on month. Even so, licenses for hot-rolled sheet and both plate categories remained elevated relative to their recent averages, pointing to continued strength across several product lines.
Ken Simonson, chief economist for the Associated General Contractors of America (AGC), will join SMU for a Community Chat webinar on Wednesday, Oct. 28, at 11 a.m. ET. What will we talk about? On the one hand, a steel-intensive data center boom continues to outstrip even the most bullish steel-demand forecasts. On the other hand, some more traditional construction markets are struggling. What happens if the data boom falters?
Commerce is amending the anti-dumping duties on corrosion-resistant steel products from Taiwan. The agency is currently conducting an annual administrative review of the AD order. It is considering the year ended June 30, 2024. In its preliminary results, Commerce set weighted-average dumping margins of 3.54% for Prosperity Tieh Enterprises, 20.73% for Sheng Yu Steel Co., and 5.92% for Great Grandeul Steel Co. (Samoa).
The US Department of Commerce has adjusted anti-dumping duties on imports of hot-rolled flat steel products from Japan. The adjustment has lowered duties for one company but raised them for others. Commerce made the adjustments in the final results of an administrative review of the year ended Sept. 30, 2024. The agency set a final weighted-average dumping margin of 13.96% for Nippon Steel companies. This is lower than the company’s previous rate of 29.7%.
Nucor and Gerdau have announced price increases for merchant bar quality (MBQ) products. The Nucor Bar Mill Group informed customers on Oct. 8 that it was raising prices on all MBQ products by $30 per short ton (st). The move is effective for new orders received after the close of business on Oct. 8. “All confirmed orders as of the close of business on October 8th, 2026 will be price-protected if shipped by end of business day, October 22th, 2026,” Nucor noted in a letter to customers.