US light-vehicle (LV) sales decelerated in November, coming in at an unadjusted figure of 1.12 million units, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, last month’s total was still 10.4% higher year-on-year (YoY), and the fourth consecutive month to see YoY increases in sales. Prior to August, YoY sales […]
Total US mill shipments of steel products edged up in October, recovering slightly month on month (MoM), after falling in September to their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year with little consistency, and October was no different. October’s shipments totaled 7.65 million tons, a 0.9% increase […]
Producer prices grew more than expected in November, thwarting hopes that inflation could be easing, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced 0.3% month-on-month (MoM) and 7.4% from a year ago, the smallest annual gain since May 2021, according to data […]
North American auto assemblies declined by 6.2% in November, reversing the nearly 3% increase in October. Last month’s assembly output was among the lowest totals year-to-date (YTD) and just 3.7% higher year-on-year (YoY), according to LMC Automotive data. Though the market remains supply-constrained due to ongoing parts and supply shortages, November’s downgraded production continued to […]
Raw steel production by US mills inched up last week, gaining ground for the second straight week, according to the latest data from the American Iron and Steel Institute (AISI). Despite the increase, utilization remained below the 80% mark for the 22nd consecutive week. Domestic steel output was 1,635,000 net tons during the week ending […]
The US economy added 263,000 new jobs in November, again outperforming consensus expectations but slightly decreasing from October’s upwardly revised 284,000, according to data from the US Department of Labor. November’s job growth was much better than expected despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. The jobless rate […]
The US labor market added 263,000 jobs in November, down from an upwardly revised total of 284,000 payroll gains the month prior. Last month’s total, although better than expected, still marked the slowest pace of job gains since April 2021, according to data from the Bureau of Labor Statistics (BLS). The unemployment rate held steady […]
The construction industry added 20,000 employees in November month over month, after adding just 1,000 in October. A boost in wages for hourly workers vs. competing industries drove the sector’s unemployment rate lower, the Associated General Contractors of America (AGC) said in a statement. The struggle to locate qualified workers continued, though, the report, released […]
Total construction spending declined in October driven by widespread decreases in most major categories, reported the Associated General Contractors of America (AGC) on recent government data. While residential, commercial, highway, and manufacturing outlays fell during the month, contractors’ struggles to complete projects remain impacted by the lack of laborers. Open positions at the end of […]
Raw steel production by US mills edged up last week after declining the prior two weeks. Despite the increase, utilization remained below the 80% mark for the 21st consecutive week, according to the latest data from the American Iron and Steel Institute (AISI). Domestic steel output was 1,630,000 net tons during the week ending Dec. […]
This past week was a rather notable one in recent memory when it comes to steel prices. We saw a wave of $60-per-ton sheet price hikes announced by domestic mills. It’s somewhat of an unfamiliar sight in the industry over the past couple of years or so, but just about everyone got in on the […]
US hot-rolled coil (HRC) prices edged up slightly last week on a wave of $60-per-ton sheet price hikes announced by domestic mills. The move appears to have at least temporarily stopped the bleeding seen over the last two months. Time will tell if the price hike attempt finds support. Just about everyone announced an increase of […]
Friedman Industries continues to see benefits of its April acquisition of Plateplus Inc., but sharply declining steel prices significantly suppressed earnings. The Longview, Texas-based steel processor and manufacturer said the fiscal 2023 second quarter ended Sept. 30, 2022 was a “period of considerable margin compression” driven by sharply declining hot-rolled coil (HRC) prices. Friedman reported […]
US plate prices were mostly flat this week, but more erosion could be on the horizon now that Nucor announced another round of price cuts. SMU’s most recent check of the market on Tuesday, Nov. 29 placed plate prices between $1,480-1,620 per ton with an average of $1,550 per ton FOB mill east of the […]
US manufacturing activity contracted in November for the first time since May 2020, according to the Institute for Supply Management (ISM). The ISM’s November manufacturing PMI dipped below the neutral 50.0 mark — the level that typically divides expansion from contraction. It was slowed as new orders remained in contraction territory, while prices fell further […]
Nearly three-quarters of US metro areas added construction jobs year-over-year (YoY) through October, according to Associated General Contractors of America (AGC) figures. Despite the employment boost, job vacancies outpaced hiring as construction firms struggled to find enough qualified workers to hire, the report said. Construction employment increased in 268, or 75%, of 358 metro areas […]
The US economy’s growth was stronger than expected in the third quarter, the US Commerce Department’s Bureau of Economic Analysis (BEA) said in its latest report. Gross Domestic Production (GDP) accelerated to a 2.9% annualized pace in Q3. That’s an improvement from the initial government reading in October which showed 2.6% growth in economic activity. […]
US consumer confidence slipped again in November, declining for the second straight month amid ongoing high inflation and rising interest rates. Despite the weaker outlook, household spending has had a generally healthy start to winter holiday shopping, The Conference Board reported. The headline Consumer Confidence Index fell by two points in November to a reading […]
Stelco Holdings Inc. intends to increase spot prices for carbon steel sheet by at least CAD $80 per ton (USD $60 per ton or $4 per cwt). The move is effective immediately, the company said in a letter to customers on Tuesday, Nov. 29, and applies equally to all new orders of hot-rolled, cold-rolled, and […]
US Steel Corp. will keep the No. 3 blast furnace at its Mon Valley Works near Pittsburgh idled until market dynamics improve, a company spokeswoman confirmed to SMU. The blast furnace was originally taken offline on Aug. 30 for a month-long planned maintenance outage. The shotcrete (sprayed concrete) reline was completed on Saturday, Sept. 24. […]
US Steel Corp. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately, the company said in a press release on Monday, Nov. 28, and applies equally to all new orders of hot-rolled, cold-rolled, and coated steel products in North America. This […]
Raw steel production by US mills fell further last week, bringing output to its lowest weekly total all year. Last week’s result kept both utilization and production at their lowest levels since the week of Dec. 26, 2020, according to the latest data from the American Iron and Steel Institute (AISI). Domestic steel output was […]
New orders for US-manufactured durable goods rose in October to a seasonally adjusted $277.4 billion. That figure has risen for seven out of the last eight months. Shipments picked up as well last month despite persistent inflation and global economic instability. Last month’s bookings for durable goods were up roughly 1%, or $2.8 billion more month-on-month […]
Demand for design services from US architectural firms declined in October. The drop came after the pace of growth had slowed in recent months. The October AIA Architecture Billings Index (ABI) score slipped below 50, ending a 20-month run of growth following the pandemic-induced downturn in 2020. Recall that the ABI is an advanced economic indicator for nonresidential […]
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28. The Cleveland-based company […]
World crude steel production declined month-on-moth (MoM) in October, driven almost singlehandedly by lower Chinese output. Global production was still, however, up 1.1% versus the same period last year, according to World Steel Association (worldsteel) data. October’s output lost ground when compared to September, down 2.9%, declining for the first time in three months. World […]
Global crude steel production was estimated at 147.3 million metric tons in October as output was up by 1.6 million metric tons — 1.1% higher than the same period last year, the World Steel Association (worldsteel) reported. Last month’s estimated production was down sequentially, however, declining by 2.9%, or by 4.4 million metric tons from September’s […]
Raw steel production by US mills edged back down last week. The marginal week-on-week (WoW) decline brought output to its lowest weekly total all year, keeping both utilization and output at their lowest levels in nearly two years, according to the latest data from the American Iron and Steel Institute (AISI). Domestic steel output was […]
Existing-home sales declined in October, retreating for the ninth straight month, according to the National Association of Realtors (NAR). All four major US regions saw sales decline both month-on-month (MoM) and year-on-year (YoY) in October. October sales fell 5.9% from September to a seasonally adjusted annual rate of 4.43 million units. Total registered sales were […]
The outlook for multifamily construction closed the third quarter on a low note, as confidence in the market for new multifamily housing declined significantly during the period, according to the National Association of Home Builders’ (NAHB) Multifamily Market Survey (MMS). The MMS’s two separate indices saw mixed results. The Multifamily Production Index (MPI) fell 10 […]