Steel Markets

New Home Sales Surge in August
Written by Sandy Williams
September 24, 2014
Sales of new residential homes in August surged 18 percent from July and 33 percent year over year to a seasonally adjusted annual rate of 504,000, according to Department of Commerce data. The level of sales last month was the highest seen since May 2008.
The median sales price in August was $275,600 and average sales price was $347,900. Approximately 203,000 new homes were for sale at the end of August representing a supply of 4.8 months at the current sales rate.
The jump in new home purchases follows reports of falling sales for previously owned homes and a drop in housing starts and permit authorizations. Mortgage loans also saw a decrease last week creating a mixed outlook for housing. The consensus is that residential housing and construction is growing but is still a long way from full recovery.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

Sheet market participants say sales still in a slump
Across the US and throughout the steel supply chain, market participants are reporting another painfully quiet week for hot-rolled (HR) coil sales.

CRU: Lower sheet prices have pulled back demand for imports
Domestic sheet prices in the US remained under pressure, limiting interest in imports, while domestic prices for longs products continued to rise.

President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.

USS, government officials give update on Clairton Coke Works incident
U.S. Steel, Allegheny County executive Sara Innamorato, and Pennsylvania Gov. Josh Shapiro clarified details from early reports about the Clairton Coke Works facility explosion just one day earlier.