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Market Update | October 9, 2024

U.S. raw steel production declined sharply again last week, now down for the fourth straight week. U.S. steelmakers produced 1.606 million tons at a 72.3% utilization rate, the lowest weekly output since the last week of December 2022. Weekly output has dropped by more than 100k tons in just two weeks. Production was down 2.4% from the prior week and down 5.4% from the same week last year. YTD production is down 1.7% from the same timeframe last year. Additionally, based off preliminary import license data, total steel imports are tending 2.4% below the rate from the same timeframe (6 days) in September.

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Market Update

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Core Report | October 4, 2024

Domestic raw steel production had the largest week-over-week decline since 2020 last week as mills continue maintenance outages. U.S. mills produced an estimated 1,646k tons at a 74.1% utilization rate; this is down from 1,707k tons and a 76.9% rate previously. This is the lowest utilization rate and tonnage output since January 2023.

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Core Report

Market Update | October 2, 2024

Dockworkers have started walking out of every major port on the East and Gulf coasts of the U.S., kicking off a strike that may ripple through the economy. The current strike is impacting activity at 36 domestic ports from Maine to Texas. The ports impacted by the industrial action have the combined capacity to handle as much as half of all U.S. trade volumes, and the strike will halt container cargo and auto shipments.

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Market Update

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Core Report | September 27, 2024

Coking coal pricing increased sharply this week, now up for the second consecutive week. Coking coal settled at $204.75/mt, up from $187.50/mt last week. This is up 13.75% over the last two weeks. Steelmakers in India have been building up stocks in anticipation of rising domestic demand, and in China, mills were stockpiling coal ahead of the upcoming Golden Week and anticipated stimulus demand.

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Core Report

Market Update | September 25, 2024

A recent report by the Department of Transportation noted that after nearly three years into the five-year law, 40% of Infrastructure Investment and Jobs Act funds have been announced, indicating that potential upside to demand remains. Much of the law’s funding is available until expended, so it is expected to fuel construction projects past the five-year period. However, other funds are appropriated in specified amounts for specified fiscal years from 2022 to 2026. Former President Donald Trump has indicated he would defund some initiatives, such as clean energy programs, if he’s elected. The recent report showed that over 60,000 construction projects are advancing with IIJA money.

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Market Update

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Core Report | September 20, 2024

Business activity from the manufacturing sector in the New York region increased for the first time in nearly a year in September. The September Empire Manufacturing Index increased sharply to 11.5, up 16.2 from August. This was the strongest monthly growth since December 2021. The two-month average increased to 3.4, ending a string of nine consecutive negative readings.

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Core Report

Market Update | September 18, 2024

The September Empire Manufacturing Index increased sharply to 11.5, up 16.2 from August. This was the strongest monthly growth since December 2021. The two-month average increased to 3.4, ending a string of nine consecutive negative readings. Both the new orders and shipment components increased in September, climbing to 17.3 and 17.6, respectively. The unfilled orders component increased as well, climbing 9.5 points to 2.1. The index for future business activity increased to 30.6, up eight points from August.

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Market Update

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Core Report | September 13, 2024

The Dodge Momentum Index continued to push higher in August, now up for the fifth consecutive month. The August DMI came in at 220.4, up from a revised 214.2 reading in July and up sharply from the 178.0 reading in August 2023. This is the highest reading since December, coming in just below that all-time high level.

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Core Report

Market Update | September 11, 2024

Now up for the fifth consecutive month, the August DMI came in at 220.4, up from a revised 214.2 reading in July and up sharply from the 178.0 reading in August 2023. This is the highest reading since December 2022, coming in just below that all-time high level. The August DMI was boosted by both planning for commercial and institutional projects. While commercial planning increased by 1.9%, institutional planning increased by 5.7% from July.

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Market Update

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Core Report | September 6, 2024

This week, a handful of domestic suppliers, along with the USW, filed petitions for new anti-dumping and counter-vailing duties on corrosion-resistant sheet imports. SDI, Nucor, U.S. Steel, Wheeling-Nippon, and the USW, state that unfairly traded corrosion-resistant sheet imports have materially injured the U.S. domestic industry.

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Core Report