U.S. steel mills shipped 8,343,075 net tons of steel in August, according to the American Iron and Steel Institute. Month-to-month that total represents a small uptick, 0.8% higher than the July total of 8,274,511 tons. Compared to the last year's corresponding period, however, it's a slight dip, down 0.4% from the August 2012 shipment total of 8,377,162 tons.
The year-to-date U.S. steel shipment total is 64,019,060 tons. That's 3.6% less than the corresponding period of 2012.
American Metal Market says U.S. steel distributors are seeing a decline in a demand and expect more of the same in coming months.
Meanwhile, Bloomberg reports that China is on a steel binge with production rising at its fastest pace in three years. Freight traders are chartering unprecedented numbers of iron ore carriers in the spot market. The big boys in the ore carrier category, Capesizes, are being chartered at a furious pace, 51% higher in September than August, with more than 90% of them bound for China.
For those wondering how many Golden Gate Bridges could be built with the steel that will be manufactured from all that ore being shipped to China, Bloomberg has your answer: about 150.
