US steel shipments dropped in August

Steel shipments from US mills fell in August as the market continued to deal with declining prices.

Steel mills shipped 7.68mn short tons (st) in the month, down by 9pc, or nearly 730,000st, compared with the same month last year, according to data from the American Iron and Steel Institute released 11 October.

In August, the Argus US hot-rolled coil (HRC) Midwest ex-works assessment fell by 8pc to $780/st by the end of the month from the end of July. The declining prices have led many to limit steel purchases for fear of selling at a loss.

August shipments were virtually flat compared to July.

Year-to-date shipments were at 61.32mn st, down by 2.1pc from a year earlier. Through August, HRC shipments were down by 6pc, cold rolled coil (CRC) were down by 12pc, and hot-dipped galvanized (HDG) coil shipments were down by 7pc.

By Rye Druzin