Earlier this year, the association had forecast steel demand to drop by 1.7% in 2022.

The remarks came after the association reported weakening demand of steel materials and high prices of raw materials used in production like coking coals.

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

Down 2.1 Percent YTD in 2022 from Same Period in 2021.

Finished Import Market Share Estimated at 22 Percent in September.

US domestic raw steel production was 1,688,000 net tons while the capability utilization rate was 75.7 percent.

In the week ending on October 1, 2022, domestic raw steel production was 1,700,000 net tons while the capability utilization rate was 77.1 percent.

It was a 9.2% decrease from the 2,485,000 permit tons recorded in August and a 10.1% decrease from the August final imports total of 2,510,000.