Construction spending has accelerated for six straight months, according to Steel Market Update’s latest analysis of Commerce Department data. Growth of total construction expenditures on a rolling three-month basis year over year increased from 0.9 percent in November 2017 to 4.4 percent in May 2018. In the DOC’s July 2 release, which included data through […]
In the last 12 months, manufacturing employment has grown by 2.3 percent and construction employment by 4.1 percent, according to Bureau of Labor Statistics data for June—positive indicators of future steel sales volume. Table 1 breaks total employment down into service and goods-producing industries and then into private and government employees. Most of the goods-producing […]
The Dodge Momentum Index, a measure of the nonresidential construction projects in planning, moved higher in June, gaining 0.8 percent to post a score of 165.5. The commercial component of the index outpaced the institutional component, with gains of 1.1 percent and 0.3 percent, respectively. “June’s advance marks the fifth straight monthly increase for the […]
My understanding is the salespeople at the former CSN Terre Haute, Ind., steel mill will remain with Steel Dynamics. SDI did something similar when they purchased what is now SDI Columbus, Miss. I have heard that Paul Navetta is the sales manager at SDI Terre Haute. I also understand that Jerry Richardson will remain with […]
The data from Steel Market Update’s latest market trends questionnaire shows mixed feelings when it comes to Current vs. Future Sentiment. The SMU Steel Buyers Sentiment Index measures how buyers and sellers of flat rolled and plate steels feel about their companies’ ability to be successful both now (Current) and three to six months into […]
Steel executives canvassed by Steel Market Update this week reported that demand remains strong, though they are less confident about conditions later in the year. Many expressed concern about the tariffs and trade issues unfolding in Washington, difficulty with trucking and logistics, and the impact of high steel prices on their customers. Following are some […]
Mill lead times on most flat rolled steel products saw little change in the past two weeks, according to Steel Market Update’s latest market trends data. Lead times for hot rolled now average nearly five and a half weeks, cold rolled a bit less than seven and a half weeks, and galvanized a bit more […]
Steel mills appear slightly more willing to negotiate spot prices on cold rolled and less open to price discussions on hot rolled, galvanized and Galvalume products, according to respondents to last week’s Steel Market Update market trends questionnaire. Every two weeks, in a proprietary poll, SMU tracks how buyers and sellers of flat rolled steel […]
May heating and cooling equipment shipments were up 10.0 percent in May compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) last Friday. This is the higest year-over-year increase since March 2017 when there was a 10.1 percent increase. Residential and commercial storage water heaters were up […]
I will be in my office on Monday and Tuesday of this week before traveling to Maine to speak to the Chain Link Fence Manufacturers Institute on Thursday. I have a very busy schedule over the next couple of months leading up to our 8th SMU Steel Summit Conference on Aug. 27-29. I hope I […]
The following report is normally provided to data providers and Premium level members of Steel Market Update: Steel Market Update began collecting flat rolled and plate inventories information from our participating service centers beginning on Monday of this week. The following is our “Flash” report, which is derived from at least 50 percent of the […]
Detroit automakers reported higher sales in June as buyer enthusiasm for SUVs and pickup trucks continued. Ford sales for the month increased 1.2 percent year-over-year to 230,635 vehicles on purchases of SUVs and F-series trucks. Fiat Chrysler sales jumped 8 percent to 202,264 vehicles in June and General Motors, no longer reporting monthly sales, said […]
Welcome back to those of you in the United States who had the Fourth of July off, but didn’t decide to take a few extra days and extend the holiday. SMU was closed on Tuesday and Wednesday in honor of the Fourth and also to give myself a bit of a break having just been […]
Good evening from another sunny and warm day in London. Diana and I have been here since Wednesday morning of last week. We spent two full days at the headquarters of the CRU Group and another two and a half days sightseeing around London as this is our first trip to England. Having spent a […]
I am in London attending meetings with our new parent company, the CRU Group. I have been very impressed at the depth of the work being done by the CRU team. I will be sharing more about the CRU Group in the days and weeks ahead. I do want to stress to those of you […]
The climb in home prices eased somewhat in April, according to the latest data from the S&P CoreLogic Case Shiller National Home Price Index. The national index showed a 6.4 percent annual gain in April, down from 6.5 percent in March. The 10-City Composite annual increase came in at 6.2 percent, down from 6.4 percent […]
New home sales took off in May, soaring 6.7 percent to a seasonally adjusted annual rate of 689,000 units from a downwardly revised April rate of 689,000, according to data from HUD and the U.S. Census Bureau. May sales were at the second-highest level since the Great Recession, driven by sales in the South. “Sales […]
John Packard is on an airplane somewhere over the Atlantic, on his way to meet with our new colleagues at the CRU Group, which is headquartered in London. I’m sure John would agree, as he travels far away, that this comment from a Steel Market Update subscriber hits very close to home. Responding to our […]
Sixty-three percent of respondents to this week’s Steel Market Update market trends questionnaire expect steel supplies to tighten and prices to rise even further now that the Trump administration has revoked the exclusions and imposed Section 232 tariffs on steel imported from Canada, Mexico and the EU nations. The 25 percent tariffs took effect June […]
Existing home sales declined for the second month in a row, dipping 0.4 percent to a seasonally adjusted annual rate of 5.43 million in May, said the National Association of Realtors. Compared to a year ago, sales are down 3.0 percent. The sales pace is much weaker than it should be considering the solid economy […]
As of Monday, every registration we receive for this year’s SMU Steel Summit Conference will result in a new record for our conference. Our goal is 800 and we are only 150 people away from achieving it with 63 days to go… The extreme travel is upon Diana and myself as we leave for the […]
There are big differences in the year-to-date increase of coiled plate imports on a regional basis. Last week, we published new regional import reports for HRC, CRC and HDG. This week we are publishing new reports for coiled and cut-to-length plate based on the new format. SMU produces import reports by product at the national […]
There are big differences in the year-to-date increase of cut-to-length plate imports on a regional basis. Last week, we published new regional import reports for HRC, CRC and HDG. This week, we are publishing reports for coiled and cut-to-length plate based on the new format. SMU produces import reports by product at the national level […]
The data from Steel Market Update’s latest market trends questionnaire shows some erosion in Future Sentiment. The SMU Steel Buyers Sentiment Index measures how buyers and sellers of flat rolled and plate steels feel about their companies’ ability to be successful both now and three to six months into the future. Buyers and sellers of […]
Mill lead times on all flat rolled steel products shortened in the past two weeks, according to Steel Market Update’s latest market trends data. Lead times for hot rolled now average a bit over five weeks, cold rolled a bit over seven weeks, and galvanized and Galvalume at roughly seven and a half weeks. Lead […]
Steel mills appear slightly more willing to negotiate spot prices on hot rolled, cold rolled and coated steel than two weeks ago, according to respondents to this week’s Steel Market Update market trends questionnaire. Every two weeks, in a proprietary poll, SMU tracks how buyers and sellers of flat rolled steel represent the mill negotiation […]
I spent all day on Wednesday of this week in the Pittsburgh offices of the CRU Group. I was impressed with the people working out of Pittsburgh and was even more impressed with the size and scope of the company here in the United States and across the world. The company indexes all kinds of […]
Housing starts rose 5.0 percent in May to a seasonally adjusted annual rate of 1,350,000, the highest level since July 2007, according to data from the Commerce Department. Starts were 20.3 percent above the rate in May 2017. Single-family housing starts rose 3.9 percent from April and multi-family housing of five units or more jumped […]
We are sliding into summer and so far (knock on wood) we are not hearing of any erosion in demand. Those with whom we have spoken over the past week are optimistic about business, although concerned about the uncertainty caused by the Section 232s and now the escalation in trade issues with China using the […]
Twice each month, Steel Market Update conducts a review of the flat rolled and plate steel industries. We do this through a web-based questionnaire, which is sent to approximately 640 individuals associated with either the flat rolled or plate steel industries. The individuals invited are from manufacturing, steel distribution, steel mills, trading companies and toll […]