Steel Markets

Existing Home Sales Up 1.9 Percent in October
Written by Sandy Williams
November 21, 2019
Existing home sales had a slight recovery in October, according to the National Association of Realtors. Sales of existing homes, including single-family, townhomes, condos and co-ops, increased 1.9 percent from September to a seasonally adjusted annual rate of 5.46 million. Sales were up 4.6 percent from October 2018.
“Historically low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said NAR Chief Economist Lawrence Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
Median home prices rose 6.2 percent year-over year to $270,900 and gains were reported in all U.S. regions.
Inventory of 1.77 million units at the end of October, was down 2.7 percent from September and 4.3 percent from a year ago. Inventory was at a 3.9-month supply at the current sales pace, down from 4.2 months in September and 4.3 months in October 2018.
“The issuance of more housing permits is a very positive sign and a good step toward more inventory,” said Yun, citing the latest data for housing starts. “In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market.”

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

Worldsteel: Global steel demand flat, but modest rebound forecast for 2026
The World Steel Association (worldsteel) Short Range Outlook for global steel demand predicts that 2025’s steel demand will clock in at the same level as in 2024. In its October report, the Brussels-based association stated that this year’s steel demand will reach ~1,750 million metric tons (mt). The organization forecasts a 1.3% demand rebound in 2026, pushing […]

CRU: China’s indirect steel exports find new destination markets
The boom in China’s direct steel exports has not stopped this year, even with a rise in protectionist measures globally. The increase is driven by...

Great Lakes iron ore cargoes down in September as Cleveland tonnage slips
Iron ore shipments from US Great Lakes ports fell sharply in September, per the latest from the Lake Carriers’ Association (LCA) of Westlake, Ohio.

HVAC equipment shipments down through August
Although total HVAC shipments fell in August, YTD volumes remain relatively strong. Nearly 15 million units were produced in the first eight months of the year, the fourth-highest rate in our 19-year data history.

Sheet market sources slam tariffs for prolonged demand slump
Tariffs are ultimately to blame for stagnant demand in the hot-rolled coil market, domestic market sources tell SMU.