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Each week, Majestic Steel USA [majesticsteel.com], a steel service center that distributes prime, flat-rolled galvanized steel sheets and coils to industries across the United States, compiles the Core Report. The Report is “an in-depth look at key indicators and trends driving the steel market. Market volatility demands your attention about what’s driving prices, when and why.”
Majestic Steel has granted Rollforming Magazine permission to publish information excerpted from the Report for its readers.
Spot Iron Ore
The Platts, Spot Iron Ore report for the week ending July 10 reports: Spot iron ore rebounded slightly after sliding six out of the previous seven weeks.
Spot iron ore pricing ended the week at $98.60/mt, up from $98.36/mt the previous week.
Despite the slight bump, iron ore has dropped 11.5% over the previous month and remains at the lowest level since July of last year. Weak seasonal steel demand in China continues to limit any significant upside in steelmaking raw materials.
Domestic Steel Production
According to the American Iron & Steel Institute, Weekly Domestic Steel Production report dated July 10, domestic steel production rebounded during the week, following three consecutive drops.
U.S. mills produced an estimated 1,856k tons at an 80.4% utilization rate, up from 1,842k tons and a 79.8% rate previously.
Production increased despite one less day of production due to the Independence Day holiday.
Production rose in three of the five regions, with the largest increase (in tons) coming from the Midwest region. Production from the Midwest region spiked from 313k tons to 321k tons.
Year-to-date production is now up 7.1% compared to the same time frame in 2025.
Domestic Steel Lead Times
According to the Platts, Domestic Flat Rolled Lead Times report for the week ending July 8, Domestic steel lead times continued to strengthen in early July, signaling healthy mill order books despite seasonal demand patterns.
Over the past month, hot rolled coil lead times increased from 6.6 weeks to 7.4 weeks, marking the most notable gain among flat-rolled products.
Hot dip galvanized lead times also moved higher, rising from 8.3 weeks to 8.5 weeks, while remaining the longest lead time in the domestic market.
The three-month trend reinforces the gradual tightening in mill availability.
Since early April, HRC lead times have climbed from 6.3 weeks to 7.4 weeks, while HDG has increased from 8.1 weeks to 8.5 weeks.
Although the pace of growth has been more moderate for HDG, coated products continue to command extended lead times, reflecting steady demand and disciplined mill production schedules.
Zinc Price & Inventory
According to the London Metal Exchange, Weekly Zinc Price and Inventory Report and the Shanghai Futures Exchange, Weekly Zinc Inventory Report, both dated July 10, zinc pricing increased sharply, now up eleven out of the previous thirteen weeks.
Zinc pricing ended the week at $3,601/mt ($1.633/lb), up sharply from $3,474/mt ($1.576/lb) previously.
Recent production issues, high energy prices, and geopolitical tensions continue to be the main factors supporting the recent upward price movement.
Global zinc inventory dropped slightly for the second consecutive week.
LME warehouse inventory decreased from 119,200/mt to 115,525/mt. Shanghai warehouse inventory increased slightly, climbing from 151,276/mt to 152,228/mt.
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