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 January 9 reports that pricing spot iron ore increased for the fifth consecutive week.
Spot iron ore pricing ended the week at $107.85/mt, up from $107.13/mt the previous week. This is the highest price for iron ore since July 2024.
Restocking by Chinese steel producers in December, along with ramping of blast furnace production has helped push pricing up.
Domestic Steel Production
According to the American Iron & Steel Institute, Weekly Domestic Steel Production report dated January 6, domestic raw steel production held relatively flat despite the New Year holiday.
U.S. mills produced an estimated 1,704k tons at a 74.4% utilization rate, up slightly from 1,695k tons and a 74.0% rate previously.
Both the Christmas and New Year holidays capped production to end the year. Production rose in four of the five regions, with the largest increase (in tons) coming from the Northeast region.
Production in the Southern region spiked from 108k tons to 121k tons.
Raw steel production ended the year at 89,894k tons, up slightly from 88,489k tons in 2024.
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 January 9, zinc pricing settled flat after a sharp increase to start the new year.
Zinc pricing ended the week at $3,101/mt ($1.407/lb), flat from $3,105/mt ($1.408/lb) previously.
Zinc is expected to have upward momentum through the first half of the year, as pockets of demand open in construction and manufacturing, and as supply remains constrained.
Global zinc inventory increased for the fourth consecutive week. LME warehouse inventory increased, climbing from 107,625 metric tons to 108,000 metric tons. Shanghai warehouse inventory increased as well, climbing from 69,793 metric tons to 73,852 metric tons.
Dodge Momentum Index
A key leading indicator for future non-residential construction spending, rebounded in December after a slight decline in November.
The December Dodge Momentum Index came in at 296.8, up 7.0% from November.
Within the index both the commercial planning and institutional planning components increased, climbing 3.5% and 14.9%, respectively.
The commercial planning component was led by strong momentum from warehouses, office buildings, and data centers.
The institutional planning component showed the strongest growth from education and recreational building planning.
For the full year 2025, the DMI was up 37% from 2024, with the commercial portion up 35% and the institutional portion up 43%.
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Carbon Steel Imports
According to the U.S. Census Bureau, Carbon Steel Imports dated October 2025, after falling sharply the previous few months, carbon steel imports ticked higher in October.
October carbon steel imports totaled 1.335 million tons, up 23.9% from September but were still down nearly 25% from the 1.745 million tons total in October 2024.
Carbon flat rolled imports were up as well, climbing 25.6% from September to 312,395 tons.
Flat rolled imports were down 45.1% compared to 568,857 tons last October, however.
Coated imports continued to decline in October, sliding 4.0% from September and 45.4% from last October.
The 152,088 tons of coated sheet imports was the lowest level since Q4 2011.
Hot rolled and cold rolled imports were both up from September but remained well below year-ago levels. Year-to-date carbon flat rolled imports were down 38.3% compared to the same timeframe in 2024.
Platts, Spot Iron Ore: January 9, 2026.
London Metal Exchange, Weekly Zinc Price and Inventory Report: January 9, 2026.
Shanghai Futures Exchange, Weekly Zinc Inventory Report: January 9, 2026.
Platts, Coking Coal Price: January 9, 2026.
American Iron & Steel Institute, Weekly Domestic Steel Production: January 6, 2026.
U.S. Census Bureau, Carbon Steel Imports: October 2025.
WardsAuto, U.S. Light Vehicle Sales: December 2025.
U.S. Census Bureau, New Residential Construction: October 2025.
Dodge Construction Network, Dodge Momentum Index: December 2025.
Institute for Supply Managers, ISM Manufacturing PMI: December 2025.
Department of Labor, Weekly Initial Jobless Claims: January 8, 2026.
Bureau of Labor Statistics, Employment Situation: November 2025.
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