European crude steel production nudged back a little in the week to 18 March, according to data from Tathya Earth, which tracks output via satellite data.
Tathya's hot metal index was 91.49 in week 11, down slightly from 92.29 in the preceding week. Activity at most of Europe's key hot-rolled coil (HRC) production sites nudged down despite rising prices. Argus' northwest European HRC index has risen from €758.75/t at the start of February to €840.50/t on Monday, while the daily Italian index moved from €754.25/t to €842.25/t over the same period.
The ramp-up of furnaces has been affected by working capital constraints for some producers, and stability and production issues for some others. One mill in particular notably bucked the downward trend, according to Tathya. Crude output at Liberty Ostrava almost doubled between week 10-11. Ostrava has been running on one furnace since summer last year, so must have increased its utilisation rate, according to the data.
Tathya's hot metal index started in the first week of January 2020, with a reading of 100.
