Steel Markets
US Auto Sales Blast Estimates
Written by Sandy Williams
June 2, 2015
May U.S. automotive sales exceeded expectations with a seasonally adjusted annual rate of 17.71 million vehicles, according to the final tally by WardsAuto. Predictions ranged from Bloomberg’s consensus of 17.0 million to GM’s prediction of 17.5 million. May sales were at the highest single-month level since July 2005. The final tally for April was 16.5 million.
Trucks and SUVs continue to lead sales for US automakers. Low gas prices and easier lending terms have helped boost monthly purchases. According to Experian, the average auto loan term has increased with nearly 30 percent of new vehicle loans extending six years or more.
Most US automakers exceeded April sales and those who did not were very close. Ford sales slipped 1 percent in May partly due to low inventory levels.
“Right now we’re going through our lowest inventory period as we had planned, for F-150, as we bring our Kansas City assembly plant up to full line speed,” said Ford Sales Analyst, Erich Merkle.
Ford announced it will shorten its summer shutdown from the traditional two-weeks to one week to meet customer demand. Six of its assembly plants and ten supporting powertrain and stamping plants will be affected. The extra capacity will add 40,000 units to the inventory supply.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Latin America’s steel industry grapples with declining demand, rising imports
With climbing imports and falling consumption, the Latin American steel industry has had a challenging 2024, according to an Alacero report.
CRU: Trump tariffs could stimulate steel demand
Now that the dust has settled from the US election, as have the immediate reactions in the equity, bond, and commodity markets, this is a prime opportunity to look at how a second Trump presidency might affect the US steel market.
HVAC shipments slip in September but are still trending higher
Following a strong August, total heating and cooling equipment shipments eased in September to a five-month low, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
GrafTech Q3 loss widens as electrode demand remains soft
GrafTech International’s third-quarter net loss increased from last year, with the company anticipating continuing weakness in near-term demand for graphite electrodes.
Cliffs forecasts 2025 rebound after Q3’s weakest demand since Covid
The negative impact of high interest rates on consumer behavior, particularly in the automotive and housing sectors, was the primary driver of the demand weakness seen across the third quarter, according to Cleveland-Cliffs executives.