Steel Markets
Case Shiller: Home Prices Strong in February Before Virus Shutdowns
Written by Sandy Williams
April 27, 2020
Home prices continued to increase in February before the coronavirus shutdowns, gaining 4.2 percent annually, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index.
The 20-city composite grew 0.4 points for a 3.5 percent year-over-year gain. Prices were strongest in the West and Southeast and comparatively weaker in the Midwest and Northeast. Phoenix topped the list with a 7.5 percent year-over-year price increase, followed by Seattle with a 6.0 percent increase, and Tampa and Charlotte with 5.2 percent increases. Higher prices were reported in 17 of the 20 cities in the composite.
“Importantly, today’s report covers real estate transactions closed during the month of February, and shows no signs of any adverse effect from the governmental suppression of economic activity in response to the COVID-19 pandemic,” said Craig Lazzara, managing mirector and global head of Index Investment Strategy at S&P Dow Jones Indices. “As much of the U.S. economy was shuttered in March, next month’s data may begin to reflect the impact of these policies on the housing market.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
USW cheers Evraz NA agreement with Atlas Holdings
The United Steelworkers (USW) labor union celebrated recent news of the signed agreement between Atlas Holdings and Evraz NA in which the Connecticut-based private equity company said it plans to acquire North America’s Evraz facilities.
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.
Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.