Monthly Key Market Indicators, as analysed by Steel Market Update, slipped again in the past month, albeit slightly. The typical summer slowdown may have been compounded by the ongoing drag of COVID-19 as well as an uneasy economic and political landscape. Markers for the Present Situation have contracted for a third straight month and Trends […]
Housing starts increased 3.9% in August, propelled by a surge in multifamily production while single-family starts edged lower. The rise brought the seasonally adjusted annual rate to 1.62 million units, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Ongoing supply chain limitations and labor challenges […]
Builder confidence ended a three-month decline in September, edging up slightly following some correction in lumber prices and strong housing demand, according to the NAHB/Wells Fargo Housing Market Index (HMI). Although the housing sector continues to struggle with supply chain disruptions and labor challenges that are impacting housing affordability, builder sentiment for newly built single-family […]
Domestic raw steel production edged down marginally in the week ending Sept. 18 after climbing to a new pandemic-era high the week prior. According to the American Iron and Steel Institute (AISI), production by U.S. mills was estimated at 1,874,000 net tons while the average utilization rate was 84.9%. Mill utilization has fluctuated in recent weeks […]
U.S. domestic steel demand remains strong, but supplies have been catching up and are largely in balance. These dynamics are starting to show as steel prices have seen a slower rate of rise and may be near a peak. Lead times are also contracting, with hot rolled now below nine weeks. These changes are largely a […]
Mill shipments of steel products rose 2.0% in July to 8.7 million tons, following an increase of 1.7% the month prior. Apparent supply jumped 3.6% in July after a 6.0% increase the prior month. July marks the fifth consecutive month of gains after February’s double-digit contraction. This analysis is based on steel mill shipment data from […]
Manufacturing growth in New York State accelerated in September, climbing 16 points and nearly reversing the slowdown from the prior month, according to the Empire State Manufacturing Survey. The general business index climbed to 34.3, compared to 18.3 in August. Indices for new orders and shipments grew by double digits in September, expanding by 19 and […]
U.S. Steel expects its third-quarter earnings to be one for the record books, exceeding even the record-breaking results of the prior quarter. The news comes as both Nucor and Steel Dynamics Inc. (SDI), two of the Pittsburgh-based steelmaker’s domestic competitors, also predicted record-setting third-quarter earnings this week. U.S. Steel forecasts third-quarter earnings of roughly $2 […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices expanded further in August, albeit at a slower rate. The gains continued, however, maintaining the historic climb for the index and subcategories for final demand, which have […]
A new North American railway network may soon become reality after a months-long saga. Canadian Pacific Railway Ltd. (CP) and Kansas City Southern (KCS) initially agreed to a merger agreement in March that would establish the first railway network spanning Canada, the U.S. and Mexico. The deal was put on hold, however, after Canadian National Railway […]
Container ships are stacking up all around the U.S. as the ports are overwhelmed by surging imports of all types of goods. Delays at the ports may further extend the already-long lead times for the growing orders of foreign steel. Imports of all types of products from Asia, for example, increased 32.4% in the first […]
Production by U.S. mills was 1,882,000 net tons while the average utilization rate was 85.3% in the week ending Sept. 11, according to the American Iron and Steel Institute (AISI). Weekly domestic raw steel production rebounded after slipping for two straight weeks, eclipsing the 85% mark for the first time since Sept.13, 2008. Weekly output […]
Weekly domestic raw steel production slipped for the second straight week. Production by U.S. mills was 1,866,000 net tons while the average utilization rate was 84.5% in the week ending Sept. 4, according to the American Iron and Steel Institute (AISI). Weekly output dipped by 0.4% compared to the week prior when production was 1,873,000 […]
The Dodge Momentum Index declined for a third straight month in August, a stark contrast from the six consecutive months of gains seen since the close of 2020. The downturn suggests strong headwinds from supply-chain limitations, rising raw material prices, and labor shortages that are plaguing the nonresidential construction sector, especially new projects. The index […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. The U.S. construction sector rose in July, lifted by gains in both the private and public sectors. Overall spending rose by 0.3% following a sideways revision for the month prior, the Commerce […]
The U.S. labor market saw its worst monthly performance since January, according to the U.S. Bureau of Labor Statistics’ (BLS) August report. The latest data showed 235,000 new workers were added to payrolls in August, less than a quarter of the 1.053 million positions added in July. August’s employment report was a huge disappointment, nearly […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. U.S. job creation in August disappointed, unable to maintain pace with July’s results. The U.S. economy decelerated in August, as hiring rose at its slowest pace since January. Nonfarm payrolls increased by […]
General Motors Co. will halt production at nearly all North American assembly plants starting Monday, a company spokesperson confirmed to Steel Market Update. The widespread stoppages extend as the semiconductor chip shortage in Asia continues to cripple automakers worldwide, and particularly the U.S. GM said that most assembly plants in North America will idle starting Monday […]
Alro Steel Corp. has acquired Metal Stock, a Philadelphia-based service center and distributor of steel and plastic products. This asset purchase will allow Alro to grow its customer base while providing improved service for cut-to-size metals and plastics, the company said. Established in 1994 as a full-service metal distributor, Metal Stocks serves Eastern Pennsylvania, New Jersey, […]
The U.S. manufacturing sector saw significant improvement in August, supported by steep upturns in production and new orders, according to the latest U.S. Manufacturing PMI data from IHS Markit. “U.S. goods producers continued to register marked upturns in output and new orders in August, as demand flourished once again. That said, constraints on production due […]
New orders, production and prices grew in August, while employment contracted and supply backlogs expanded, said the Institute for Supply Management in its August 2021 Manufacturing ISM Report on Business. The Manufacturing PMI rose 0.4 percentage point in August to 59.9%, edging higher and indicating expansion in the overall economy for the 15th consecutive month […]
World crude steel production contracted for the second straight month in July after repeated months of record-breaking output, according to World Steel Association (worldsteel) data. Global production in July, at an estimated 161.7 million metric tonnes, declined 3.7% from June, but was still 4.0% higher than the same period last year. Since March’s historic 12.7% […]
U.S. gross domestic product (GDP) grew by an estimated 6.6% in the second quarter of 2021, slightly faster than the 6.5% annual rate previously forecast, marking the fourth consecutive quarter of growth for the U.S. economy since the pandemic downturn, according to the Bureau of Economic Analysis (BEA). The second estimate was adjusted higher thanks […]
Auto assemblies in North America plummeted in July, revealing the extensive impact the semiconductor scarcity is having on carmakers. Regionally, the annual production rate fell 21.5% or by nearly 270,000 vehicles in July versus the prior month, according to LMC Automotive (LMCA). The more alarming figure may be that July’s annual production rate was down 21.8% […]
U.S. consumer confidence declined for the second straight month in August, following a downward revision for the month prior, according to the latest data from The Conference Board. The August index fell by 11.03 points month on month after slipping 3.8 points in July. “Consumer confidence retreated in August to its lowest level since February 2021 […]
Despite some regional shifts in commercial construction, demand remains robust – while some project delays are creating backlogs that will likely drive additional construction activity in late Q4 and into early 2022, said members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI). Demand for HVAC and other galvanized-intensive steel products remains strong, said members of […]
Weekly domestic raw steel production slipped last week after climbing the week prior. Output varied slightly throughout the month of August. Production by U.S. mills was 1,873,000 net tons while the average utilization rate was 84.9% in the week ending Aug. 28, according to the American Iron and Steel Institute (AISI). Weekly output dipped by […]
Economist Alan Beaulieu struck a cautionary tone in the forecast he offered to attendees of SMU’s Steel Summit last week. The pace and rate of rise in steel demand and production will level off in 2022, he predicted, after skyrocketing due to pent-up demand and government stimulus following last year’s COVID-driven disruptions. “The massive buildup […]
The shortage of qualified workers and supply chain disruptions continue to be a drag on the U.S. construction sector, said economist Ken Simonson, who predicted continued volatility for nonresidential building in the year ahead. Speaking to the crowd of steel executives at SMU’s Steel Summit Tuesday in Atlanta, the Associated General Contractors of America’s chief economist […]
Steel Dynamics’ top executive said he remains very optimistic about the market’s outlook, especially for the balance of 2021, but expects the trend to carry well into 2022. “I’m really bullish,” said Mark Millett, SDI’s president and CEO, during a fireside chat at SMU’s 2021 Steel Summit on Tuesday in Atlanta. “We’re booking for December […]