Steel Products
March 20, 2023
Written by David Schollaert
Raw steel production by US mills rose 0.5% last week from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, March 20.
Domestic production stood at 1,686,000 net tons in the week ended March 18 vs. 1,677,000 net tons the previous week. It was off 1.4% from 1,710,000 net tons in the same week last year.
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It has been a crazy 2024 so far for hot-rolled coil (HRC) futures!!! “It’s not crazy, it’s hot rolled.” This chart shows the steeply backwardated Midwest HRC futures curve on Jan. 3 plummeting between $186 to $241 in the front three months, evolving into the curve six weeks later on Feb. 12. CME hot-rolled coil […]
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Though steel prices continue to drop, more buyers are holding off on finalizing transactions.