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.” Data sources are listed in each section.

Majestic Steel has granted Rollforming Magazine permission to publish information excerpted from the Report for its readers. 

Domestic Steel Production

According to the American Iron & Steel Institute, Weekly Domestic Steel Production report dated November 5, U.S. mill production dipped slightly, producing an estimated 1,629k tons and a 73.3% rate utilization rate. This was down 2% week-over-week to the lowest level since early October.

Production decreased in all five regions, with the largest decrease (in tons) coming from the Midwest region. Production from the Midwest region decreased from 196k tons to 186k tons. 

Global Steel Production

According to the WorldSteel, Global Steel Production report for September 2024, global steel production increased in September after sliding the previous two months.

September global steel production came in at a 4.787 million metric ton/day rate, up 2.6% from August but was still down on a year-over-year basis.

Year-over-year production was down for the third consecutive month, sliding 4.7% from a 5.024 million metric ton/day rate in September 2023.

Production increased in both China and throughout the rest of the world in September, climbing 2.2% and 3.1%, respectively.

Despite the month-over-month increase, Chinese production continued to slide on a year-over-year basis and remains below the YTD average. NAFTA production slipped slightly from August and was down on a year-over-year basis for the ninth consecutive month.

Recent Scrap Pricing

According to Prime Scrap Price, Market Conversations for the week ending October 18:  The scrap market remained stable in mid-October, settling flat for the fifth consecutive month. Prime scrap settled at $380/gt in October. 

Although tight scrap supply, strong export demand, and an upward trend in the futures market have contributed to some stability, there have been no significant changes in the market over the past five months. Mill maintenance outages along with the recent hurricanes have disrupted scrap supply, particularly in the South, leading to a $20 increase in the Arkansas-Tennessee region. Shredded scrap pricing increased slightly in October, climbing $5 to $375/gt.

Spot Iron Ore

The Platts, Spot Iron Ore report dated November 8 reports that pricing ticked up to $103.55/mt, up from $102.60/mt the week prior. This is up 1% after sliding 8% throughout the month of October.

Raw material pricing is expected to see headwinds in the coming months as President-elect Trump’s tariff policy will likely impact top buyer China’s economy, exports, and overall steel production.

Mill Price Increase

According to the mill price increase letter from U.S. Steel/Big River Steel dated October 24: While pricing has been trading steadily over the past four months, U.S. Steel/Big River Steel made a move to push pricing higher by releasing new spot pricing for all flat rolled products: It increased pricing by $30/st for all spot orders. 

The full library of Core Reports from Majestic Steel USA can be accessed at https://www.majesticsteel.com/majestic-insights/core-report/. RF


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