Steel Market News

  1. Cleveland-Cliffs expects to resume operations this week on the No. 7 blast furnace at its Indiana Harbor steel mill in East Chicago, Ind., after a small fire, a company spokeswoman confirmed.

    The fire occurred over the weekend and at the beginning of a three-day planned maintenance outage, she told Steel Market Update on Monday, Nov. 28.

  2. Raw steel production by US mills fell further last week, bringing output to its lowest weekly total all year. Last week’s result kept both utilization and production at their lowest levels since the week of Dec. 26, 2020, according to the latest data from the American Iron and Steel Institute (AISI).

  3. New orders for US-manufactured durable goods rose in October to a seasonally adjusted $277.4 billion. That figure has risen for seven out of the last eight months. Shipments picked up as well last month despite persistent inflation and global economic instability.

  4. Demand for design services from US architectural firms declined in October. The drop came after the pace of growth had slowed in recent months. 

    The October AIA Architecture Billings Index (ABI) score slipped below 50, ending a 20-month run of growth following the pandemic-induced downturn in 2020.

  5. Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt).

    The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28.