Analysis
May 3, 2024
Written by Laura Miller
Construction spending in the US in March was basically steady from the previous month but showed notable year-on-year (y/y) growth.
The US Census Bureau reported March construction spending to be an estimated $2.084 trillion on a seasonally adjusted annual rate (SAAR). While this was just 0.2% below February’s spending rate, it was 9.6% higher than spending in March 2023.
Worthington Enterprises reported higher fiscal first-quarter sales and earnings while citing rapidly growing data center demand and continued tightness in the steel market.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
This October, SMU is introducing a new way to keep you informed on the latest steel market news and insights: the Daily Digest. Beginning in mid-October, our new Daily Digest will replace the three newsletters currently delivered each week.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.