This morning in metals news: the U.S. steel capacity utilization rate fell to 83.2% last week; North American Stainless maintained its stainless steel fuel surcharge; and, lastly, crude oil prices have lost steam this week.
The U.S. steel capacity utilization rate fell to 83.2% for the week ending Nov. 27, down from 84.3% the previous week, the American Iron and Steel Institute reported.
Steel output last week totaled 1.84 million net tons. The total marked a 1.3% decline from the previous week but a 13.3% year-over-year gain.
For the year to date, production reached 86.3 million net tons, or up 19.7% year over year.
U.S. steel prices have finally started to soften. U.S. HRC closed last week at $1,793 per short ton, according to MetalMiner Insights data, or down 5.6% month over month. Meanwhile, U.S. CRC closed at $2,111, down 0.3% month over month.