This morning in metals news: the U.S. steel sector’s capacity utilization gained once again last month; iron ore futures made gains; and Tokyo Steel Manufacturing Co is keeping its prices steady.
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U.S. steel capacity rises to 61.5%
Continuing the recent theme, the U.S. steel sector posted a steel capacity utilization rate of 61.5% for the week ending Aug. 15, the American Iron and Steel Institute (AISI) reported.
The rate marked an increase from the 60.4% posted the previous week.
Production during the week ending Aug. 15 totaled 1.38 million net tons, up 1.7% from the previous week but down 25.2% year over year.
Iron ore futures gain
Iron ore futures rose Tuesday, powered by expectations of continuing strength in Chinese steel demand, Reuters reported.
The most-traded iron ore contract on the Dalian Commodity Exchange closed up 3.5% at 863 yuan ($124.51) per metric ton.
Tokyo Steel keeps prices steady
Meanwhile, Japan’s Tokyo Steel Manufacturing Co won’t raise its prices in September, Reuters reported, citing uncertainty over steel demand.
While Chinese demand has continued to show strength to date, demand elsewhere continues to lag behind. MetalMiner’s Maria Rosa Gobitz covered the steel demand picture in further detail in her Raw Steels MMI report Monday.
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