Steel Markets
Case-Shiller Reports Higher Home Prices in August
Written by Sandy Williams
October 27, 2020
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index indicated strong growth in housing prices in August. The national composite rose 5.7% year-over-year, up from 4.8% in July. The 20-city composite (excluding missing Detroit data) posted a 5.2% annual gain compared to 4.1% the previous month.
The month-over-month analysis showed a 1.1% increase for the national index and 1.1 % increases for both the 10- and 20-city composites.
“A trend of accelerating increases in the National Composite Index began in August 2019, but was interrupted in May and June as COVID-related restrictions produced modestly-decelerating price gains. We speculated last month that the accelerating trend might have resumed, and August’s results easily bear that interpretation. The last time that the National Composite matched August’s 5.7% growth rate was 25 months ago, in July 2018. If future reports continue in this vein, we may soon be able to conclude that the COVID-related deceleration is behind us,” reported the research firm
The highest year-over-year gains were seen in Phoenix (9.9%), Seattle (8.5%) and San Diego (7.6%). All of the 19 cities reporting data in August posted annual increases.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Rising US construction spending levels off in March
Construction spending in the US in March was basically steady from the previous month but showed notable year-on-year (y/y) growth.
CRU: Brazil proposes quotas on steel imports, with tariff back up
Brazil’s chamber of foreign trade, Camex, has approved quotas on imports of 11 steel products and a 25% levy on shipments 30% above a product’s average import volume between 2020 and 2022.
Leading nonres indicator falls to more than three-year low
An important economic indicator for the nonresidential construction industry declined in March to its lowest point in more than three years.
Active rig counts slip in US and Canada
The number of active rigs in the US is now at the lowest level seen in over two years, while Canadian rigs have fallen to a four-month low.
GrafTech continues to bleed red on weak demand
GrafTech is reporting weak near-term demand for graphite electrodes as economic uncertainty constrains steel production globally.