Raw steel production fell to 654,000 tons in the Great Lakes region last week, the second consecutive week of decline.
US steel production decreased by 5.5% in the week that ended Saturday, according to an American Iron and Steel Institute estimate. Raw steel production in the Great Lakes region of Indiana and the Chicago area dropped by 10,000 tons, or about 1.5%.
Production in the Southern District, typically the nation’s second-biggest steel-producing region, plunged to 556,000 tons, down from 628,000 tons the previous week.
Total domestic raw steel production last week was about 1.746 million tons, down from 1.848 million tons a week earlier, according to the Times of Northwest Indiana.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.95) and a low price of CNY 840.00 ($134.95) per dry metric ton. Chinese HRC saw little change in its price on Tuesday at CNY 3,040 ($488.38) per metric ton. The price of Chinese coking coal held steady at CNY 1,080 ($173.51) per metric ton.
The steel billet cash price continues hovering around $500.00 per metric ton on the LME for the fifth day in a row. The steel billet 3-month price was unchanged on the LME at $480.00 per metric ton.
The 3-month price of the US HRC futures contract saw little movement yesterday at $605.00 per short ton. For the fifth consecutive day, the US HRC futures contract spot price held flat at $605.00 per short ton.