This morning in metals news: the U.S. steel sector’s capacity utilization rate ticked up this past week; a steel processing company plans to open a new facility in Kentucky on Nucor’s campus; and China’s demand for iron ore from Australia has persisted, despite trade tensions between the two countries.
Steel capacity utilization rises to 57.5%
U.S. steel mills churned out 1.29 million tons of steel during the week ending July 11 at a capacity utilization rate of 57.5%, the American Iron and Steel Institute (AISI) reported.
The steel production figure marked a 30.2% decline from the same week in 2019 but a 1.7% increase from the previous week.
Company to open Kentucky facility
Ferroalloy Corp. plans to open a facility for leveling and cutting steel on Nucor’s campus in Kentucky, the Courier Journal reported.
According to the report, operations at the facility are expected to begin in October.
Chinese iron ore demand from Australia remains strong
Despite tensions focused on imports of products like barley, China’s demand for iron ore from Australia remains strong, the Sydney Morning Herald reported.
According to the report, China’s iron ore imports surged by 10% over the first half of 2020 (and Australia accounts for approximately 60% of its annual iron ore imports).