TSX:STLC - Post Discussion
Post by
lifeisgood1010 on Jul 12, 2023 2:25pm
Steel prices on the rise
US steel prices continue to rise
US hot rolled coil (HRC) prices rose for the second week in a row, as lower spot prices evaporated and trading activity remained light in the last week after the 4th July holiday. Cold rolled coil (CRC) and hot-dipped galvanized (HDG) prices also continued to move higher.
Imports may play an increasing role in the coming months, with US Department of Commerce Licensing data showing a potential 2.3% y/y increase in HRC imported volumes in June.
There is an unexpected temporary shutdown for maintenance at one of the US hot rolling mills. The reported possible downtime can be up to four weeks.
US crude steel production in the week ending 8 July is down on a w-o-w and y-o-y basis. According to AISI, US crude steel production fell 1.7% week-on-week and slightly by 0.6% year-on-year. On 8 July, adjusted U.S. crude steel production is down 2.8% y/y. As regards capacity utilisation, it stood at 75.8%, having fallen by 4.2% year-on-year. This should support the price uptrend further.
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