This morning in metals news, steel production for the year through May 4 reached 33.7 million tons, Japan’s March steel exports jumped and Dalian iron ore futures made gains on supply concerns.
U.S. Steel Production
According to the American Iron and Steel Institute (AISI), U.S. raw steel production for the week ending May 4 was 1.9 million net tons, at a capacity utilization rate of 82.3%. The week’s production marked a 6.6% increase from production for the equivalent week in 2018.
Meanwhile, year-to-date production through May 4 hit 33.7 million tons, at a capacity utilization rate of 81.7%.
Japan’s Steel Exports
Japan’s steel export levels surged 18.3% in March compared with the previous month, S&P Global Platts reported.
Exports, however, fell 17.9% on a year-over-year basis, according to the report.
Dalian Iron Ore Futures
Dalian iron ore futures jumped 4% Tuesday, Reuters reported, partially aided by supply-side concerns stemming from Brazilian miner Vale’s Brucutu iron ore mining complex.
According to the report, a court order reversed a previous decision that had allowed Vale to reopen its Brucutu mine in the state of Minas Gerais.