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
Tampa Steel Conference: Two weeks to go!
With just two weeks to go, we have over 400 registered so far for the 36th annual Tampa Steel Conference. Join us and hundreds of industry executives at the JW Marriott Tampa Water Street from Sunday, February 2, through Tuesday, February 4.
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.