Market Segment
March 21, 2024
Written by Laura Miller
A temporary surplus of rebar on the West Coast is forcing CMC to alter the planned ramp-up of its Arizona 2 micro-mill, the company’s leader said on Thursday.
CMC’s Arizona 2 micro-mill is an expansion to the Irving, Texas-based company’s existing micro-mill in Mesa, Ariz. Commissioning of the expansion began in January.
The plate market squeeze has undoubtedly been driven by improved demand backed by heightened import barriers, including 50% Section 232 tariffs.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.