Steel Markets
October US Auto Sales Up 6%
Written by Sandy Williams
November 3, 2014
October U.S. auto sales reached an annualized rate of 16.35 million according to WardsAuto with actual sales totaling 1,273,138 units. October deliveries were up 6 percent on a seasonally adjusted annual rate compared to October 2013.
“October was another strong month for the automotive sector, driven by a combination of low fuel prices, available credit and the ongoing pent-up demand factor. The average car on the road remains more than 11 years old,” said Karl Brauer, senior analyst at Kelley Blue Book.
Ford sales were down as expected due to plant changeovers for the aluminum 2015 F-150. Chrysler was a big winner for the month with sales up 22 percent year over year. General Motors sales were essentially flat with a 0.2 gain from October 2013.
Toyota sales were up 7.5 percent while Hyundai saw a decline of 6 percent. “While we struggled in a couple of segments, our compact and midsize-CUV’s continue to outpace the overall industry,” said Bob Pradzinski, vice president of US sales at Hyundai.
Volkswagen finally had a positive month with sales up 7.8 percent to 30,313 units.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Steel market participants mull the impact of US/Mexico S232 negotiations
Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Tariffs, ample domestic supply cause importers to shift or cancel HR import orders
Subdued demand is causing importers to cancel hot-rolled (HR) coil orders and renegotiate the terms of shipments currently enroute to the US, importers say. An executive for a large overseas mill said customers might find it difficult to justify making imports buys after US President Donald Trump doubled the 25% Section 232 tariff on imported steel […]
CRU Insight: A 50% S232 tariff will raise US steel prices and shift trade flows
This CRU Insight examines how the increase in Section 232 tariffs on steel to challenging levels will lead to significatively higher prices for end consumers in the US market.
Steel market shakes tariffs off amid weak demand
Service centers and distributors contend that weak demand is to blame for the flattening of domestic steel spot prices, as reflected in Nucor Steel’s weekly Consumer Spot Price (CSP) notice. On Monday, the Charlotte, North Carolina-headquartered steel producer left prices unchanged from the previous week. Nucor has maintained prices of plate produced in Brandenburg since March 28.