Steel Markets
Light-Vehicle Sales Show Strength in April
Written by Laura Miller
May 23, 2023
April was a strong month for sales of light vehicles in the US, with monthly sales pushing the seasonally adjusted annual rate to 15.9 million, according to figures from the Bureau of Economy Analysis (BEA).
Light-vehicle sales totaled 1.347 million units in April, according to the BEA. This was a 1.5% decline from the month prior but a 9.0% rise from April 2022.
The year-on-year gain was “all the more impressive by the fact that April 2023 had one fewer selling day than April 2022,” LMC Automotive said in a news release commenting on preliminary April estimates.
The April SAAR for auto sales was 3.28 million – the highest rate seen since July 2021. The light-trucks SAAR of 12.634 million was just slightly behind January’s rate of 12.796 million.
LMC noted that “the market appears to be finally moving beyond supply chain woes.” With customers waiting longer to purchase vehicles, OEMs are learning the benefits of tighter inventories, the forecasting agency said.
“In some ways the market is returning to something approaching normal,” LMC added.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in Steel Markets
Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.
Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.
Hot-rolled price hikes garner mixed reactions from the market
Several steel market sources say they were blindsided when mills increased spot prices for hot-rolled coils this week.
Steel market participants mull the impact of US/Mexico S232 negotiations
Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK.