Steel Markets

Auto Sales Slip in April
Written by Sandy Williams
May 3, 2019
U.S. auto sales slipped 2.3 percent in April for a seasonally adjusted annual rate of 16.41 million, according to data by AutoWeek. The April rate was well below the sales rate of 17.42 million in March and 17.25 million in April 2018. Higher vehicle prices and difficulty securing financing may be keeping consumers from dealer lots.
“Forecasters have been expecting the market to slow as higher vehicle prices and higher borrowing costs squeeze many potential buyers,” said Charlie Chesbrough, senior economist for Cox Automotive. “And indeed, the sales lion that surprised many in March became a much weaker lamb in April, as revealed in today’s numbers. Robust employment conditions and a strong stock market didn’t seem to be enough to lift sales last month.”
Toyota and FCA both saw year-over-year sales decline. Automotive News estimates General Motors sales fell 2.6 percent and Ford 4.7 percent. The two Detroit automakers only report results quarterly and FCA plans to join that trend in June.

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.