Steel Markets

Existing-Home Sales Rebound in February
Written by Sandy Williams
March 23, 2018
Existing-home sales rebounded in February after two months of declines, according to data from the National Association of Realtors (NAR). Total existing-home sales jumped 3.0 percent to a seasonally adjusted annual rate of 5.54 million. Sales were 1.1 percent higher than a year ago.
The median price for all housing types was $247,700, a 5.9 increase from February 2017 and the 72nd consecutive month of growth.
Total housing inventory rose 4.6 percent to 1.59 million homes for sale, a 3.4-month supply at the current sales pace.
“A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump,” said Lawrence Yun, NAR chief economist. “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”
Regionally, sales fell 12.3 percent in the Northeast and 2.4. percent in the Midwest. Home sales surged 11.4 percent in the West and 6.6 percent in the South. Median home price grew across all four regions.

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.