This Morning in Metals: U.S. Raw Steel Production Rises 4.4%

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Pavel Ignatov/Adobe Stock

This morning in metals news, U.S. raw steel production for the year through Aug. 24 is up 4.4%, Beijing’s Chalco reported profits declined in the first half of the year and India’s steel demand is slowing.

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Raw Steel Production Jumps 4.4%

The American Iron and Steel Institute reported U.S. raw steel production for the year through Aug. 24 increased 4.4% on a year-over-year basis.

Production for the year to date reached 63.5 million net tons at a capability utilization rate of 81.0%.

Chalco 1H 2019 Profits Drop

First half profits for Aluminum Corp of China Ltd dropped 14.1% on a year-over-year basis, Reuters reported.

The firm’s second quarter profits fell 52.7% year over year, according to Reuters.

India’s Steel Demand Lags

India is on pace for a slowdown in steel consumption this year, paced by a slowdown in downstream demand, the Hellenic Shipping News reported.

MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel

For the April-July period, steel consumption growth of 6.6% marked a decline from the 9.7% growth posted during the same period in 2018.

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