Steel Markets
Ford Sales Outpace GM in May
Written by Sandy Williams
June 1, 2017
U.S. automotive sales in May are in reach of the 1.52 million units forecast by Edmunds and WardsAuto. WardsAuto is reporting a seasonally adjusted annual rate of 16.6 million for the month, just shy of its forecast for 16.8 million. Flat sales for the month would be welcomed by auto manufacturers that have seen sales decline after two record years.
Many analysts think 2017 sales will still total just over 17 million, but Alec Guiterezz, senior analyst at Kelley Blue Book, said continued softening could put sales in the high 16-million range.
“A performance in the high 16-million range is still very, very strong, said Guitterezz. “But coming off record numbers of 17.5 million units in the last two years, it certainly not at the record pace we’ve seen.”
Ford Motor Company outsold GM in May with sales up 2.1 percent to 240,250 units. Strong pick-up and fleet sales drove demand for Ford last month. General Motors sales were down 1.3 percent year-over-year to 237,364 units.
GM’s chief economist Mustafa Mohatarem commented, “U.S. economic fundamentals remain strong with a retail SAAR of 14.2 million, equal to last year’s record pace. The U.S. economy is operating at near full employment levels, wages are rising, interest rates and fuel prices remain low and consumer confidence remains high. The decline in total sales is primarily due to the industry’s pull back from daily rental sales. Although total sales are running below our expectations, we anticipate retail vehicle sales will remain strong.”
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.