Steel Markets

Case-Shiller Shows Home Price Hike in January, Virus Impact Still to Come
Written by Sandy Williams
March 31, 2020
The January S&P CoreLogic Case-Shiller Index showed home price growth at 3.9 percent prior to the coronavirus pandemic.
“During the next two months, home price gains will likely continue to outpace inflation for Case-Shiller Index values seen through March,” says Frank Nothaft, chief economist at CoreLogic. “This is likely because most sales that settle during March are based on sales contracts signed in January and February, prior to the pandemic’s effect on the U.S. economy.”
In the 20-City Index, Phoenix led the nation in price growth, jumping 6.9 percent year-over-year. Seattle, Tampa and San Diego followed with prices growing 5.1 percent.
“COVID-19 continues to place a cloud over the housing market as it enters the spring buying season,” said Nothaft. “Home sales will likely be much lower than had been previously expected, as prospective buyers and potential sellers shelter-in-place in many urban centers. Substantive effects on the Case-Shiller Index are unlikely to be seen through the March index (to be released May 26, 2020).”

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

CRU: Global sheet prices remain under pressure as exporters undermine domestic markets
One cause of this was increased competitiveness from imports that have put pressure on some domestic producers.

CRU: Sheet import demand softens as domestic price gains have slowed
US domestic sheet price gains have begun to slow as previously pulled-forward demand has led to a decline in orders.

CMC looks beyond Arizona micro-mill woes to long-term viability of construction mart
Despite the economic and geopolitical upheaval of the last five years, CMC President and CEO Peter Matt points out that the construction market has been an essential element of the way forward.

US importers face stricter rules under revamped S232 tariffs
“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.

Steel exports rebound in January
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.