Steel Market: Domestic raw steel production increases to end weeks of decline

An update on today's latest steel prices and production.

In the latest steel market news, domestic raw steel production increased last week, ending a four-week slump of decreases. According to a new report by Majestic Steel, "U.S. mills produced an estimated 1,825k tons at a 78.4 percent utilization rate; this is up from 1,809k tons and a 77.7 percent rate previously."

The report reads: "Production increased in three of the five regions, with the largest increase (in tons) coming from the Southern region. Production from the Southern region climbed from 649k tons to 683k tons. Year-to-date production is now 5.3 percent above the same time frame from last year."

On the Zinc front, pricing increased again and is now up four out of the five last weeks. "Global zinc supply and demand continues to remain steady, keeping prices in a tight $1.02/lb-$1.10/lb window for the last eleven weeks. Global zinc inventory decreased again this week, dropping 5,780 metric tons to 129,170 metric tons. Shanghai warehouse inventory dropped to 64,095 metric tons from 67,200 metric tons previously. LME warehouse inventory decreased, after two consecutive increases, dropping to 65,075 metric tons from 67,750 metric tons previously."

To view the full steel market report, including construction spending, visit MajesticSteel.com.

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Emell Derra Adolphus has more than a decade of writing and journalism experience. He is senior editor of ENR’s Top Lists and Survey Rankings at ENR magazine and frequently contributes stories on technology, climate resiliency, diversity, equity and inclusion.