Steel Products
Mexican Industrial Output Lower than Expected
Written by Sandy Williams
August 16, 2013
Mexican industrial output surprised analysts by falling 2.4 percent in June compared to the same month in 2012 according to the government’s statistic agency Instituto Nacional de Estadística y Geografía. Output was expected to grow by at least 0.1 percent year over year. Compared to June 2012, construction dropped 6.0 percent, manufacturing declined 1.2 percent and mining and utilities fell 2.4 percent and 0.7 percent, respectively.
On a quarterly basis industrial production was flat in June, slipping 0.03 percent from May. Construction fell 1.6 percent from the previous quarter. Manufacturing production, however, sparked some optimism by increasing 0.53 percent in June following a 0.9 percent increase in May.
The GDP forecast for 2013 has been revised to 2-3 percent expansion for the year from 3-4 percent previously forecast by Mexico’s central bank.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
US rig count up, Canada declines
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.
US, offshore CRC prices continue to diverge
US cold-rolled (CR) coil prices declined again this week, slipping for a third straight week. Most offshore markets did the opposite, moving higher this week.
S232 lifts EU HR price over US, Asian HR still well behind
Domestic hot-rolled coil prices were flat this week after dropping for four straight weeks. Most offshore markets bucked the trend and gained ground.
SMU Steel Demand Index dips into contraction
SMU’s Steel Demand Index has moved into contraction, according to late April indicators. The slowdown comes in response to growing tariff uncertainty after the index reached a four-year high in late February.
Nucor selects Fives Group for new galv line at CSI
Nucor Corp. has tapped Fives Group as its partner in designing and manufacturing the new continuous galvanizing line being added at its California Steel Industries (CSI) joint venture in Fontana, Calif.