Demand for design services from US architecture firms continued to grow in August, with the pace of growth inching upward month-on-month. The August AIA Architecture Billings Index (ABI) score was up for the first time in five months. The development also marked the 19th consecutive month of growth following the pandemic-induced downturn in 2020. Recall […]
Housing starts saw a double-digit gain in August driven by a surge in multifamily production. Despite the overall gain, high mortgage rates and building production bottlenecks continue to act as a drag on the single-family housing market. Overall housing starts increased 12.2% to a seasonally adjusted annual rate of 1.58 million units in August from […]
By CRU Senior China Economist Henry Hao, from CRU’s Global Economic Outlook and China Macro Monthly China’s economy showed resilience in August, with growth in industrial production, investment, and retail sales shoring up the recovery from the effects of Covid lockdowns and heatwaves. The worsening property slump, however, continues to drag on the economy and threaten the […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
Zekelman Industries is set to build a new steel tube galvanizing facility in Blytheville, Ark. The new, 200,000-tons-per-year Wheatland Tube facility will share a campus with Zekelman’s existing Atlas Tube operations there. The new facility will serve the fence, solar, and mechanical markets, producing tubes using Wheatland’s ThunderCoat™ inline galvanized coating. Construction is slated to […]
The prices contractors pay for construction materials and services—chiefly for new nonresidential construction—declined 1.1% month-on-month (MoM) in August, as a steep drop in fuel prices masked increases in the cost of other construction inputs, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that limited price declines […]
SSAB Americas is forging ahead to show customers, the government, and other stakeholders that it is serious about sustainability and achieving its ultimate goal of “net zero” emissions. The flat-rolled steelmaker recently released Environmental Product Declarations (EPDs) for its steel plate and coil products that show it is well ahead not just of others in […]
To stimulate the development of low-carbon, made-in-America materials, the Biden administration has announced new activities under the Federal Buy Clean Initiative. An announcement made by the White House on Sept. 15 in Toledo, Ohio, noted that the Federal Government will prioritize the purchase of essential low-carbon construction materials, covering 98% of materials purchased by the […]
Steel Dynamics Inc. expects its third quarter earnings to be down from the second quarter as the Fort Wayne, Ind.-based steelmaker is seeing lower flat rolled earnings and pricing, as well as continued impacts from the start-up of its new sheet mill in Sinton, Texas. SDI’s earnings guidance is in the range of $4.93–4.97 per […]
The Dodge Momentum Index ticked down 1.2% in August, losing ground on the downwardly revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 171.9 last month, down from 174.0 in July. The leading index for commercial real estate measures data about planned nonresidential building projects […]
Construction employment increased by 16,000 jobs in August, though the sector’s unemployment rate was up at 3.9%, the Associated General Contractors of America (AGC) reported. Contractors were eager to hire more employees last month though they were stymied by a dearth of qualified workers. More than 90% of contractors are having a hard time finding […]
ArcelorMittal is committed to EV. The Luxembourg-based steel company recently announced a collaboration to provide its steel knowledge to Atlis Motor Vehicles. ArcelorMittal will provide its S-in motion® solutions to hasten the design process. Currently, Atlis is developing a fully electric truck that will be designed for individuals working in the agriculture, service, utilities, and construction […]
Steel prices eased overall throughout August, following declines seen in the three previous months. Hot rolled prices were $805 per ton ($40.25 per cwt) the first week of August, falling to a low of $770 per ton in the middle of the month, and rising to $785 per ton as of last Tuesday. The SMU […]
Hot rolled and galvanized prices continue to decline but many continue to go unchanged, members said during this month’s call with HARDI’s Sheet Metal/Air Handling Council. Much like July, members are currently seeing strong demand and foresee stability in the near future. It’s been an eventful month to say the least. Nucor and Cleveland-Cliffs both […]
The steel and commodity price forecast panel – always a popular program at SMU’s Steel Summit – once again didn’t disappoint. Speakers included three of the steel industry’s most respected analysts: Josh Spoores, CRU’s principal steel analyst, Timna Tanners, Wolfe Research’s managing director, and John Anton, S&P Global Market Intelligence’s director. The sheet market today […]
The automotive, construction and energy sectors have seen their fair share of hurdles over the past year or so. Despite near-term headwinds, the outlook is bright, according to a panel speaking at the 2022 SMU Steel Summit conference in Atlanta. If we had a crystal ball, we likely would still lack the ability to discern […]
Economic conditions are still iffy at best. Housing data continues to suffer with new home sales plunging and inventory reaching the highest it has been since 2009. The Richmond and Kansas City Fed manufacturing indexes both plunged in July as well. The Richmond Fed’s manufacturing skill availability index, which indicates the demand for skilled labor […]
New home sales fell to their lowest level since January 2016, further signaling a waning housing market, according to the latest data from the US Census Bureau and the Department of Housing and Urban Development. The tepid sales pace continued to match declining builder confidence, a trend that has been gaining momentum since the beginning […]
Demand for design services from architecture firms in the US continued to grow in July, though the pace of growth continued to decline. The July AIA Architecture Billings Index (ABI) score was down again month-on-month (MoM) but still marked the 18th consecutive month of growth following the pandemic-induced downturn in 2020. The July ABI registered […]
The final program of last week’s Steel Summit Conference was a panel of three experts discussing the evolving automotive market and its shift towards electric vehicles (EV). Panelists discussed how the automotive industry is transitioning to electric-vehicle offerings, covering an array of topics such as steel and aluminum needs for EVs, investments by automakers, light-weighting […]
Keynote speaker Paul Lowrey presented at the SMU Steel Summit Conference today, explaining his market thoughts through data on US steel market capacity, steel mill consolidation, and the scrap market. As president of Steel Research Associates (SRA) with a career spanning 30 years, Lowrey opened his segment explaining, “I’ve been labeled by some as a […]
Gene Marks opened Steel Market Update’s 2022 Steel Summit conference with a keynote zeroing in on the major issues that are impacting business leaders today and in the coming years. The CPA, author, columnist, and journalist explored strategies to help businesses navigate inflation, recessionary pressures, and hiring challenges. With many economic indicators pointing towards a […]
The House of Representatives on Friday approved the Inflation Reduction Act (IRA) on a party-line vote. This legislation, with only Democratic support, passed the Senate 51-50 last weekend. The bill now goes to President Joe Biden, who will sign it into law. This is by any measure a major piece of legislation. On the surface, […]
End use market demand is mixed as mid-year shipment data is reported The recession, inflation, and interest rates remain hot topics for aluminum producers and consumers. As new economic data is announced, both bright spots and points of concern emerge. First, this month’s report on inflation showed a drop month-on-month (MoM) and may signal that […]
The National Association of Home Builders (NAHB) recently released the results of its Multifamily Market Survey (MMS) and there seem to be some mixed emotions. There are two separate indices the MMS utilizes to determine market conditions: the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI). According to NAHB, the second quarter MPI, […]
The number of open construction jobs shrank to 334,000 in June, down from 405,000 in May and declining repeatedly from the record-high and top measure in the data series’ history of 449,000 unfilled positions in April, said the National Association of Home Builders (NAHB). According to the latest Job Openings and Labor Turnover Survey data […]
Producer prices fell in July, stunning a 27-month growth run. Last month the headline index declined by 3.1%, seasonally adjusted, driven by a plunge in energy prices that slowed the pace of inflation, the US Labor Department reported. July’s producer price index (PPI), a measure of the prices received for final-demand products, fell 0.5% from […]
Builder confidence hit a two-year low, tumbling for the eighth straight month in August and bringing the housing market to a crawl. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) said that elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges. August’s HMI reading—the […]
North Star BlueScope is “substantially complete” with a $700 million expansion that will provide the Delta, Ohio, EAF sheet mill with additional annual capacity of nearly 950,000 short tons (850,000 metric tonnes). The mill produced the first coil from its expansion in June and has begun the 18-month process of ramping up the facility to […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – fell 1.3% month-on-month (MoM) in July, while contractors’ bid prices rose 5.4%, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC noted that despite the MoM decline, materials prices remain high and […]