Steel Markets
Auto Sales End Year Over 17 Million
Written by Sandy Williams
January 4, 2018
Annual auto sales reached 17.13 million vehicles in December, according to WardsAuto, making it the third year in a row the industry has topped 17 million, but breaking the industry’s growth streak. It was the first time annual sales declined since the recession eight years ago.
Actual December sales were reported as 1.596 million units by WardsAuto. Truck sales took 69 percent of the market in December, and nearly two-thirds of the year’s total sales.
GM economist Mustafa Mohatarem forecasts U.S. auto sales will be in the upper 16 million range for 2018. He predicts tax reform gains will be offset by rising interest rates. Other manufacturers play down the impact of interest rates, banking on consumers seeing more money in their monthly checks and taking advantage of dealer incentives. IHS Markit projects sales of 16.9 million vehicles for this year.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Trading firms Mercuria and Tata International partner in joint venture
Geneva-based global commodities trader Mercuria is set to acquire a majority stake in Tata International, according to a report in India's Economic Times.
Glenfarne Alaska LNG and POSCO ink preliminary partnership
Glenfarne Alaska LNG and POSCO signed a preliminary strategic agreement during the GasTech Conference in Milan on Thursday.
Steel export volumes remain weak through July
Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...
Hot-rolled market participants say ‘doldrums’ to roll on through year-end
Participants in the hot-rolled steel sheet market expect the market to remain subdued through the end of the year.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.