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The February Institute for Supply Management (ISM) Steel Survey showed a broad-based continuation of January’s pick-up in optimism which was… more.
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Domestic Raw Steel Production Hits 6-Month High
For the week ending March 2, 2013, weekly domestic raw steel production rose 0.8% to 1.857 million tons (mt) – the highest level since 9/1/12 when production was 1,864 tons.
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 77.5%, up from 76.9% last week and from the year-ago level of 80.4%.
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
More Random Thoughts from Recent Steel Investor Calls
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Important points from recent company investor calls, including Gerdau, Tenaris, MRC Global, Sims Metal Management, Ternium and Canam Group include… more.
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U.S. Rig Count Falls; Canada Ends Climb
The number of active oil and natural gas rigs in the United States fell by 4 to 1,757 for the week ending March 1, 2013 – down 0.2% from last week and 11.7% from last year but still up 0.5% from the nearly 2-year low 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 1.1% this week, after 8 consecutive weekly increases, coming in at 655 from 662 last week and down 3.8% 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 OCTG Prices Hit Two-Year Low
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According to Pipe Logix, February OCTG prices declined another 1.1% (or $19/ton) to $1,702/ton, the lowest since February 2011, and some 11.2% (or $214/ton) below… more
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Advance/Decliner Index Stable as China Returns from Holiday
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Our Advance/Decliner Index was mostly steady with the pre-Chinese New Year level two weeks ago. The nominal increase versus the comparable pre-holiday period was… more
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Preliminary January Steel Imports Rise 10%; Korean Tonnage Jumps
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Preliminary January imports rose 10.3% to 2.58 million tons (mt) from 2.34 mt in December as a 27.4% spike in finished steel imports more than offset a… more
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US Steel Leads with $50 Sheet Hike, AK Steel Quickly Follows
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As we have been expecting, some five weeks after a failed attempt to raise sheet prices, yesterday US Steel led another go-round with a… more
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Random Thoughts from Recent Steel Investor Calls
New Report Preview:
Important points from recent company investor calls, including Rio Tinto, BlueScope Steel, Usiminas, BHP Billiton, Vallourec and TMS International include: …more
For a copy of our full report and a free trial subscription, please contact us.
Domestic Raw Steel Production Hits Highest Level in Nearly 6 Months
For the week ending February 23, 2013, weekly domestic raw steel production jumped 1.6% to 1.843 million tons (mt) – the highest level since 9/1/12 when production was 1.864 tons.
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 76.9%, up from 75.7% last week and from the year-ago level of 80.7%.
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
