Uptick in Steel: Unpacking Weekly Production in USA
The latest data from American Iron & Steel Institute shows that domestic raw steel production for the week ending October 28, 2023, was 1,707,000 net tons, marking a 3.8% increase from the same week last year. Capability utilization was at 74.3%, a slight rise from the previous week.
Recent statistics reveal an interesting trend in domestic raw steel production for the week ending on October 28, 2023. Production was reported to be 1,707,000 net tons, up from 1,644,000 net tons during the same week in the previous year. This represents a 3.8% year-over-year increase, signaling a moderate yet positive shift in steel production.
The capability utilization rate for the week was 74.3%, a modest increase from 73.7% in the corresponding week last year. Even when compared to the previous week, which ended on October 21, 2023, there's a minor rise. During that week, production was 1,703,000 net tons and the capability utilization was at 74.1%.
Year-to-date figures also offer a glimpse into the bigger picture. The total raw steel production through October 28, 2023, stood at 73,623,000 net tons. Although this appears impressive, it's slightly down by 0.9% from the same period last year, when it was 74,261,000 metric tons.
The capability utilization rate for the year to date was 75.9%. Interestingly, this is lower than the rate from the same period last year, which was 78.8%. It suggests that despite the weekly improvements, the overall trend might be leveling off.
Breaking it down by districts, production varied significantly. The Great Lakes led with 561,000 net tons, followed by the Southern district with 766,000 net tons. The Midwest produced 177,000 net tons, while the North East and Western districts contributed 136,000 net tons and 67,000 net tons respectively.
It's worth noting that the production figures are estimated, and are based on reports from around 50% of the domestic production capacity. For a more comprehensive view, the AISI production report "AIS 7" provides detailed insights, and it's based on data from companies that represent 75% of the U.S. production capacity.
The latest figures on domestic raw steel production indicate a slight uptick, both on a weekly and year-over-year basis. However, the year-to-date statistics suggest that the industry might be approaching a plateau. While these numbers should be taken with caution due to their estimated nature, they do provide a snapshot of current trends in the steel production sector.