Steel Products
August 14, 2023
Written by Becca Moczygemba
Domestic raw steel production inched up last week, according to data released by the American Iron and Steel Institute (AISI) on Monday, Aug. 14.
Steel production in the US increased to 1,737,000 net tons for the week ended Aug. 12, up 0.6% from the previous week when production was 1,727,000 tons. Production is 1% higher than it was one year ago, when US output was 1,719,000 tons.
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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.