US weekly Raw Steel production up 3.3% y/y | Metals Mine

  • US weekly Raw Steel production up 3.3% y/y

    From scrapregister.com

    The United States domestic raw steel production was 1,875,000 net tons in the week ending on June 8, 2019, while the capability utilization rate was 80.6 percent, according to latest data from the American Iron and Steel Institute (AISI). Production was 1,815,000 net tons in the week ending June 8, 2018 while the capability utilization then was 77.4 percent. The current week production represents a 3.3 percent increase from the same period in the previous year. Production for the week ending June 8, 2019 is down 0.8 percent from the previous week ending June 1, 2019 when production was 1,890,000 net tons and the rate ... (full story)

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EventsTrader
Jun 13, 2019 12:39am
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Rising production is a little surprising. With all the volatility in the financial markets, along with the uncertainty in trade I'm wondering where the demand is coming from. The article doesn't really provide enough info. Carrying costs are going down with interest rates. It could be cheaper to get it through production than to store the raw materials. Not sure.

We'd be trading steel like we do crude oil if there weren't ample supply for the world's needs. Steel is the world’s second-largest commodity after crude oil. It is 15 times the size of all other metals markets combined in terms of metric tons and it is worth twice their value.
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