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Our Advance/Decliner Index fell to a five-month low. The decline was driven by our Ex-China Index falling as improved pricing in… more
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Domestic Raw Steel Production Falls from 6-Month High
For the week ending March 9, 2013, weekly domestic raw steel production fell 1.6% to 1.828 million tons (mt) – down from the 6-month high of 1.857 million tons reached last week.
We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.
Capacity utilization came in at 76.3%, down from 77.5% last week and from the year-ago level of 79.6%.
The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.
Source: AISI and Steel Market Intelligence
U.S. Rig Count Down for 3rd Week; Canada Plunges
The number of active oil and natural gas rigs in the United States fell by 5 to 1,752 for the week ending March 8, 2013 – down 0.2% from last week and 11.2% from last year, hovering above the nearly two year low of 1749 on January 18.
The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.
The number of rigs in Canada fell 11.5% this week, coming in at 580 from 655 last week and down 11.5% from last year.
The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.
Source: Baker Hughes Inc.
February Chinese Net Steel Exports Hit Six-Month Low; Bao Announces Surprise Sheet Price Hike
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February Chinese steel exports declined 13.8% to a year-low of 4.24 million tonnes (mt), and imports fell 15.8% to a 13-month low of… more
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March Scrap Prices Jump
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According to just-published data from American Metal Market (AMM), March prime scrap jumped $43 (or 11.3%) to $423/ton and obsolete scrap… more
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March Scrap Prices Set to Jump
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We expect to see March scrap prices settle in the up $30-40/ton range, which would put prime and obsolete scrap at the highest levels since… more
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Advance/Decliner Index Drops as China Plummets While the West Strengthens
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Our Advance/Decliner Index fell as our China Index plunged to a six-month low. Always sensitive to news flow, Chinese prices reacted to… more
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February Steel Imports Post Modest Drop; Korean OCTG Tonnage Falls from All-Time High
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February steel import licenses declined 5.0% to 2.32 million tonnes (mt) from January’s 2.44 mt as a 13.2% drop in… more
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Iron Ore Down Marginally for the Week
The spot reference price for 62% Fe iron ore cfr North China fell 0.9% to $150.60 for the week ending March 1, 2013 and moved down another 1.2% to $148.8 on Monday – down some 6.4% from the recent high of $158.90 reached on February 20, 2013.
The spot price for iron ore averaged $139.35 in 2Q12, $112.12 in 3Q12, and $120.57 in 4Q12; this compares to an average of $128.30 for full-year 2012.
The post-recession low was $59.10 on March 27, 2009, while the high was $190.19 on February 17, 2011.
Source: The Steel Index
