US hot rolled coil (HRC) spot prices moved down as the market remained quiet due to the Christmas holiday.

In November alone, production of finished steel reached over 1.82 million tonnes.

Elevated production costs for Turkish producers amid low scrap availability and less slab purchasing options.

Hoa Phat Group has signed a contract to export 10,000 tonnes of steel wire in coil form to Europe.

In the week ending on December 31, 2022, US domestic raw steel production was 1,602,000 net tons while the capability utilization rate was 71.8 percent.

However, the net debt to equity ratio of steel companies is still significantly better than in the 2010-2019 period.

Europe may continue to dominate US thermal coal exports in 2023 but demand for high-sulfur coal may wane.

The domestic demand forecast was cautiously optimistic, according to market sources, led by stronger increased spending for the infrastructure market.