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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 September 4 reports spot iron ore increased again, climbing to the highest level since the beginning of July.
Spot iron ore pricing ended the week at $98.95/mt, up from $95.90/mt previously. Despite the increase, iron ore is still down 11% since mid-May.
Increased demand in China, higher fuel and seaborne freight costs, along with geopolitical uncertainty has helped to drive pricing higher.
Domestic Steel Production
According to the American Iron & Steel Institute, Weekly Domestic Steel Production report dated September 1, domestic steel production dropped sharply, hitting the lowest output in five months.
U.S. mills produced an estimated 1,818k tons at a 78.7% utilization rate, down from 1,848k tons and an 80.0% rate previously.
This was the lowest weekly tonnage output since late-March. Production slipped in three of the five region, with the largest decrease (in tons) coming from the Southern region. Production from the Southern region slipped from 866k tons to 839k tons.
Year-to-date production is now up 6.2% compared to the same time frame last year.
Construction Spending
According to the Total Construction Spending report dated July 2026, after flattish readings the previous two months, total construction spending dipped in July.
Total construction spending came in at a $2.158 billion rate in July, down 0.5% from June and down 3.8% from the $2.243 billion rate last July.
Total construction spending has now declined on a year-over-year basis in 12 consecutive months.
While non-residential spending ticked up 0.1% from June, residential spending saw a 1.3% m/m decline.
This was the lowest spending rate on residential projects since May 2023.
Non-residential spending now accounts for 59.6% of all spending, its highest share April 2020.
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 September 4, zinc pricing rose again, holding at the highest level since May 2022.
Zinc pricing ended the week at $4,085/mt ($1.853/lb), up from $4,069.50/mt ($1.846/lb) previously.
Although inventory has ticked up over the last 30 days, ongoing supply issues and high energy costs continue to push zinc pricing higher.
Global zinc inventory increased slightly for the third straight week. LME warehouse inventory increased sharply, climbing from 97,875/mt to 110,500/mt, while Shanghai warehouse inventory decreased slightly, dropping from 153,669/mt to 148,661/mt.
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