Originally published as: Steel Market Update

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 October 10 reports that pricing Spot iron ore increased this week after a slight drop the week before, now up 11 out of the last 13 weeks.

Spot iron ore pricing ended the week at $104.00/mt, up from $103.65/mt a week ago.

Downstream demand rebounded significantly after China’s Golden Week holiday and military parade, reinforcing the need for peak season inventory restocking and supporting prices for the sector. Iron ore pricing remains stable going back to mid-2024.

Domestic Steel Production

According to the American Iron & Steel Institute, Weekly Domestic Steel Production report dated October 10, domestic raw steel production dropped to a multi-month low amid ongoing mill maintenance outages.

U.S. mills produced an estimated 1,749k tons at a 77.2% utilization rate; this is down from 1,770k tons and a 78.1% rate previously.

This was the lowest weekly tonnage output since the last week of May. Production decreased in three of the five regions, with the largest drop (in tons) coming from the Great Lakes region.

Production from the Great Lakes region slipped from 568k tons to 561k tons.

Year-to-date production remains nearly flat, up 0.33% compared to the same timeframe last year.

Zinc Price & Inventory

Based on the London Metal Exchange, Weekly Zinc Price and Inventory Report and the Shanghai Futures Exchange, Weekly Zinc Inventory Report, dated October 10:

Zinc pricing increased again, now up 10 out of the last 12 weeks. Zinc pricing ended the week at $3,112/mt ($1.412/lb), up from $3,056/mt ($1.386/lb) previously. This is the highest price for zinc since December 11, 2024.

Tightening supply, strong demand from China, and an expected weaker U.S. dollar from Fed rate cuts and the U.S. Government shutdown, all have played a role in the recent jump in zinc pricing.

Global zinc inventory increased after sliding the previous three weeks. LME warehouse inventory decreased for the 12th consecutive week, sliding from 40,350 metric tons to 38,250 metric tons. Shanghai warehouse inventory rebounded after the Golden Week holiday, climbing from 100,544 metric tons to 106,950 metric tons.

Dodge Momentum Index

A leading indicator for future nonresidential construction spending continued to push higher in September.

The September Dodge Momentum Index came in at 304.6, up from a downwardly revised 294.7 in August.

Compared to August, commercial planning grew by 4.7%, while institutional planning increased by 0.9%.

On the commercial side, activity slowed for warehouses, offices, and hotels, while gaining momentum in data centers and retail.

On the institutional side, education and recreational planning slowed while healthcare and public planning grew.

Planning momentum remained steady and will correlate to stronger construction spending in the back half of 2026 and into 2027.

The Majestic Steel USA Core Report library can be accessed at https://www.majesticsteel.com/majestic-insights/core-report/.