Steel Markets
Case Shiller: Home Prices Strong in February Before Virus Shutdowns
Written by Sandy Williams
April 27, 2020
Home prices continued to increase in February before the coronavirus shutdowns, gaining 4.2 percent annually, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index.
The 20-city composite grew 0.4 points for a 3.5 percent year-over-year gain. Prices were strongest in the West and Southeast and comparatively weaker in the Midwest and Northeast. Phoenix topped the list with a 7.5 percent year-over-year price increase, followed by Seattle with a 6.0 percent increase, and Tampa and Charlotte with 5.2 percent increases. Higher prices were reported in 17 of the 20 cities in the composite.
“Importantly, today’s report covers real estate transactions closed during the month of February, and shows no signs of any adverse effect from the governmental suppression of economic activity in response to the COVID-19 pandemic,” said Craig Lazzara, managing mirector and global head of Index Investment Strategy at S&P Dow Jones Indices. “As much of the U.S. economy was shuttered in March, next month’s data may begin to reflect the impact of these policies on the housing market.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
GrafTech’s Q2 loss widens in ‘challenging’ business environment
GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.
CRU: Poor steel margins continue to push down raw material prices
Both iron ore and coking coal prices fell this week because of resistance from buyers. Iron ore prices have continued to fall throughout the past week, following sharp declines in steel prices in China, given no new policy announcement from the ‘Third Plenum’ meeting.
Op-Ed: The myth of the Mexican steel surge
We have heard ominous warnings about a flood of Mexican steel threatening the US market. It's the kind of rhetoric that gets thrown around often with little regard for the facts. The reality is that the Mexican steel surge is simply not happening, and the US steel industry has consistently maintained a significant trade surplus in finished products with Mexico. In 2023 alone, this surplus exceeded $3 billion.
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]
Influx of coated products fuels recent import surge
Steel imports fell back in May from April’s recent high but remained elevated compared to the levels seen over the past year. A deeper dive into the data confirms what SMU has been hearing from sources: Coated sheet is driving the recent rise in overall import levels.