Steel Markets
Auto Sales Slip in September
Written by Sandy Williams
October 3, 2013
US auto sales slipped to 1.14 million new vehicles compared to 1.19 million in the same month last year. It was the first time sales failed to increase on a month-over-month basis in 27 months. Sales at a seasonally adjusted annual rate were 15.4 million–still strong enough to show a 37th consecutive increase on a year-over-year basis. The SAAR rate in September 2012 stood at 14.8 million.
Limited inventory following brisk sales over the summer months, along with reduced incentives and two less selling days, appeared to play a part in the decrease for some manufacturers. Ford led automakers with a 15.2 percent increase year-over-year backed by a strong inventory that was 30.6 percent higher than a year ago. GM sales dropped 11 percent year-over-year and Toyota climbed a much weaker 4 percent in September—both short on inventory for the month. Chrysler sales were up 9.3 percent in September.
Honda, Volkswagen and Hyundai/Kia sales fell in September. Luxury car manufacturers BMW and Mercedes saw increases of 8.3 percent and 5.8 percent, respectively.
Analysts say the September decline is nothing to worry about. Forecasts for the fourth quarter are optimistic with final sales expected at 15.6 million units for the year. The federal shutdown is not expected to impact auto sales for October.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Galvanized buyers see glimmers of optimism amidst the chaos
Reflecting on 2024 and looking ahead to the new year, galvanized steel buyers on this month’s HARDI call expressed a mix of cautious optimism with lingering uncertainties.
Construction spending steady in November
Construction spending inched higher in November for a second straight month.
Steady architecture billings signal improving conditions
The November ABI decreased month over month but was still the third-highest reading of the past two years.
Fitch warns more tariffs will pressure global commodity markets
“New commodity-specific tariffs, mainly on steel and aluminum products, could widen price differentials and divert trade flows,” the credit agency forewarned.
Slowing data center, warehouse planning drives decline in Dodge index
The Dodge Momentum Index (DMI) slid further in November as planning for data centers and warehouses continued to decline.