Steel Markets

Case-Shiller Indices Show Home Prices Continue to Rise in August
Written by Sandy Williams
October 26, 2016
Home prices in August rose by 5.3 percent annually in August according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index. The 20-city composite gained 5.1 percent annually. Portland, Seattle and Denver drove gains during the past seven months.
On a month-over-month basis the National Index showed a 0.5 percent increase in August. Both the 10- and 20-city composites gained 0.4 percent for the month before seasonal adjustment.
“Supported by continued moderate economic growth, home prices extended recent gains,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “All 20 cities saw prices higher than a year earlier with 10 enjoying larger annual gains than last month. The seasonally adjusted month-over-month data showed that home prices in 14 cities were higher in August than in July. Other housing data including sales of existing single family homes, measures of housing affordability, and permits for new construction also point to a reasonably healthy housing market.
“With the national home price index almost surpassing the peak set 10 years ago, one question is how the housing recovery compares with the stock market recovery. Since the last recession ended in June 2009, the stock market as measured by the S&P 500 rose 136% to the end of August while home prices are up 23%. However, home prices did not reach bottom until February 2012, almost three years later. Using the 2012 date as the starting point, home prices are up 38% compared to 59% for stocks. While the stock market recovery has been greater than the rebound in home prices, the value of Americans’ homes at about $22.3 trillion is slightly larger than the value of stocks and mutual funds at $21.2 trillion.”

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

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.

Hot-rolled spot market conditions linger, prices slip
Market participants said they have high hopes that the stable hot-rolled spot market will improve as the year rolls on.

Discontentment brews in plate market with flat, status-quo pricing
Sources in the carbon and alloy steel plate market said they are less discouraged by market uncertainty resulting from tariffs or foreign relations, but are instead, eager to see disruption to the flat pricing environment.

Dodge Momentum Index surges in July
The Dodge Momentum Index (DMI) jumped 20.8% in July and is now up 27% year-to-date, according to the latest data released by Dodge Construction Network.