Steel Markets
November Auto Sales Slip on Reduced Selling Days
Written by Sandy Williams
December 4, 2020
U.S. auto sales slowed in November, dipping to a seasonally adjusted annual pace of 15.55 million units from 16.21 million in October, says Wards Intelligence. The decline was attributed primarily to three fewer selling days and one less weekend during the month.
“November 2020 is a prime example of why accounting for selling day differences is important in measuring comparable sales performance,” said Thomas King, president of the data and analytics division at J.D. Power, in a research note. King added that rather than the apparent 15 percent decline, sales were actually down only 3.5 percent in the month.
Although major auto producers saw lower sales in November, higher prices mitigated some of the decline. Kelly Blue Book estimates average prices were up 1.3 percent compared to a year ago.
“COVID-19 began its second surge with cases on the rise this past month and right before for the holiday season,” said Kayla Reynolds, industry intelligence analyst at Cox Automotive. “Consumer confidence has been faltering and unemployment remains stubbornly high. Still, consumers in the market for new vehicles are demonstrating an ability to pay premium prices. While average transaction prices are down from last month, they remain historically elevated, with November forecasted to be the third-highest month on record.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
AISI: Raw steel production rises for second consecutive week
Domestic raw steel production ticked up again last week, now up to a three-week high according to the latest data released by the American Iron and Steel Institute (AISI).
Wolfe Research’s Tanners cautions on sheet storm’s darkening clouds
Wolfe Research Managing Director Timna Tanners cautioned clients about the darkening clouds of a brewing steel sheet storm in the company's Basic Materials Weekly Webcast on Monday. “This one we’ve been talking about for a while, and we feel like the theme is coalescing here,” she said.
Dodge Momentum Index rebounds on surge of data center planning
A surge in data center project planning pushed the Dodge Momentum Index (DMI), a leading indicator for the nonresidential construction sector, higher in April.
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.