Steel Markets
Auto Sales Rebound in September
Written by Sandy Williams
October 3, 2017
Auto sales rebounded in September, jumping 6.1 percent to more than 1.5 million vehicles sold, and surpassing analyst expectations. Kelly Blue Book projected a sales growth of 1.0 percent while Edmunds expected an increase of only 0.4 percent.
A boost in automotive sales came after Hurricane Harvey and is expected to continue through October and November as consumers replace damaged vehicles in the Southeast.
The seasonally adjusted annual rate rose to 18.57 million units from 17.72 million units a year earlier, according to Autodata Corp.
Sales were strong for almost every automaker. General Motors and Ford increased sales by 11.9 percent and 8.9 percent, respectively, and Toyota sales grew 14.9 percent.
FCA US was the odd man out in the top five automotive producers, down nearly 10 percent from September 2016. The decline was mostly due to planned reductions in fleet sales.
“September was the month the U.S. auto industry had been hoping for,” said Michelle Krebs, executive analyst for Autotrader. “Vehicle sales surpassed forecasts, thanks to a strengthening economy, August sales disrupted by and replacement demand created by hurricanes Harvey and Irma, and attractive model-year-end deals.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
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.
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.