Existing-home sales jumped 6.5 percent in February, with all regions seeing higher sales except the Northeast, reports the National Association of Realtors. Sales rose to a seasonally adjusted annual rate of 5.77 million in February, a 7.2 percent gain from a year ago. “February’s sales of over 5 million homes were the strongest since February […]
Housing starts dipped 1.5 percent from January to February to a seasonally adjusted annual rate of 1,599,000, but were 39.2 percent higher than a year ago, according to a report from the U.S. Housing and Urban Development and Commerce Department. Single-family housing starts jumped 6.7 percent in February to 1,072,000 while starts for housing with […]
By CRU Research Manager Paul Butterworth, from CRU’s Global Steel Trade Service Activity in steel end-use sectors in China is recovering as per CRU’s base case, but evidence suggests that demand may start to run ahead of our base case in the near term. Encouraged by government stimulus measures, there is a lot of optimism […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose slightly by 1.3 percent m/m to 206.4 (see chart). While this is broadly stable it bucked the trend compared to steel markets, which came under relatively more price pressure. Structurally, most markets were similar in condition to […]
In January, total construction continued to boom with a 5.1 percent year-over-year growth rate Total construction is enjoying a remarkable turnaround with positive momentum in all sectors. The January results for total construction spending yielded the best growth rate for 15 months. Growth is being led by state and locally funded work including infrastructure, but […]
The coronavirus has begun to affect business in the United States, according to the latest Federal Reserve “Beige Book.” The economy is moving forward at a modest to moderate pace, but growth is uneven. The virus appears to be negatively impacting travel and tourism in the U.S., which showed only moderate to flat growth in […]
Construction spending increased 1.8 percent to $1.369 trillion in January, according to a new analysis of federal data by the Associated General Contractors of America. “Public spending on infrastructure, along with single-family housing, was exceptionally robust in January,” said Ken Simonson, the association’s chief economist. “While overall economic conditions remain favorable, future construction spending levels […]
Sales of new homes in January jumped 7.9 percent from December to a seasonally adjusted annual rate of 764,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. Sales were 18.6 percent higher than the January 2019 estimate. “The January sales pace matches what builders are saying in NAHB surveys – […]
Home prices, as reported by S&P Dow Jones, rose at a modest rate in December 2019. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. Census divisions, reported a 3.8 percent annual gain in December, up from 3.5 percent in November. S&P Dow Jones noted that following a period of […]
Existing-home sales started the year strong at a seasonally adjusted rate of 5.46 million in January. Sales slipped 1.3 percent from December, but were up 9.6 percent from a year ago. “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales,” said Lawrence Yun, chief […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
Housing starts slowed in January but remained at a solid pace, while building permits surged to a 13-year high. January starts were down 3.6 percent from December to an adjusted annual rate of 1,567,000, but were 21.4 percent higher than a year ago. Construction starts for single-family homes fell 5.9 percent compared to December. Multi-family […]
Steel Market Update is pleased to share this Premium content with Executive members. For more information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The November and December results for construction spending are suggesting a turnaround. December’s growth rate was the best in the past 13 months. The growth of private construction almost […]
Key Market Indicators show that the improvement in market trends that occurred in December continued into January. This report is designed to be a big picture summary of data SMU has reported in detail during the month. It summarizes 36 data streams that describe the state of the steel market and provide forward guidance for […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
The U.S. Bank Freight Payment Index, a quarterly analysis of freight volumes and spending, fell 4.0 percent in the fourth quarter after gaining a total of 10 percent in the second and third quarters. Both volumes and spending dropped during the quarter due to weaker economic activity and impacts from the international trade market. The […]
New home sales were essentially flat in December, edging down 0.4 percent from November to a seasonally adjusted annual rate of 694,000, according the latest data by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to December 2018, sales increased 23.0 percent. Sales for the full year, however, rose 10 […]
Steel Market Update is pleased to announce Michael Smerconish will be a keynote speaker at the 2020 SMU Steel Summit Conference, which will be held in Atlanta on Aug. 24-26. This will be the second time Smerconish has spoken at our conference. With 2020 being a presidential election year, and with the Republican National Convention […]
The trucking industry reported a “choppy” year for truck tonnage. The American Trucking Association’s advanced seasonally adjusted For-Hire Truck Tonnage Index increased for the 10th year in 2019, but at only half the gain realized in 2018. The index was up 3.3 percent compared to 6.7 percent in 2018. The SA December Index rose 4.0 […]
Existing home sales grew 3.6 percent in December, bouncing back from a slight decline in November and jumping 10.8 percent from a year ago. The National Association of Realtors reported existing home sales were at a seasonally adjusted annual rate of 5.54 million in December. For 2019, total sales ended on a par with 2018 […]
I have been spending time looking at market momentum, lead times (real, not from our survey), who is buying and who is not (and why), and what the market should be concentrating on over the next couple of months (not just today). I am going to start with comments I got from a couple of […]
Housing starts jumped 16.9 percent from November to December to a seasonally adjusted annual rate of 1,608,000. Compared to a year ago starts soared 40.8 percent. Single-family starts increased 11.2 percent, while construction with five units or more leapt 32 percent. Starts were strongest in the Midwest and Northeast, increasing 37.3 percent and 25.5 percent […]
Indicators of economic activity through Jan. 10 data do not predict an imminent U.S. recession. In this report, we have identified eight indicators that have some predictive ability about the short-term likelihood of a recession (definition below). Viewed individually, these don’t offer much insight into the future, but viewed collectively they give subscribers a better […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
Edmunds analysts estimate auto sales will top 4.3 million in the fourth quarter of 2019, pushing the total for the year to 17.1 million and the fifth year in a row above the 17 million mark. “The fact that new car sales have stayed this strong for this long really defies the odds, especially given […]
S&P Dow Jones reported that the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index gained 3.3 percent in October, compared to 3.2 percent in the previous month. The 20-City composite posted a 2.2 percent year-over-year gain, while the 10-City composite rose 2.2 percent. “October’s U.S. housing data continue to be reassuring,” says Craig J. […]
November sales of new single-family homes increased 1.3 percent to a seasonally adjusted annual rate of 719,000 units after a downward revision to the October rate. “Fueled by the limited number of resales available for purchase, low interest rates and low unemployment, new home sales are finishing the year strong,” said Greg Ugalde, chairman of […]
Housing starts increased 3.2 percent in November to a seasonally adjusted annual rate of 1,365,000. Starts were 1.36 percent above the November 2018 rate. Commencement of construction for single-family homes increased 2.4 percent from October, while starts for buildings of five units or more increased 2.3 percent. New construction was strongest in the South with […]
Builders are feeling confident about the market for newly built single-family homes. The National Association of Home Builders/Wells Fargo Housing Market Index rose five points to 76 in December after an upward revision to the November reading. This is the highest reading for the HMI since June 1999. “Builders are continuing to see the housing […]