Long product prices rose a fraction for all product groups for the week ending April 26th according to China Metals Weekly (CMW). However, on a month on month (m/m) long product prices were down across the board ranging from 9.9% for 16# channel to 10.5% for 20mm rebar. Merchant products and beams were down 10.1% [...]
Rebar final imports to the US in February were up 21.1% year to date (YTD), year on year (y/y), totaling 385,614 tons for the two months ending February 2017. On a month over month comparison, rebar imports fell 26.3%. Figure 1 charts the largest exporting countries in rank order on a YTD basis through February [...]
Wire rod final imports to the US in February were down 6.5% year to date (YTD), year on year (y/y), totaling 291,425 tons for the two months ending February 2017. On a month over month comparison, wire rod imports jumped 28.2%. Figure 1 charts the largest exporting countries in rank order on a YTD basis [...]
Housing inventory of existing homes was 3.8 months’ supply in March. It has been below four months for five months in a row. This is an extremely low number. To put this into perspective, in the 60 months between 2009 and 2014 months’ supply averaged 15.2. March’s new home inventory was 4.6 months’ supply, also [...]
The Conference Board Consumer Confidence Composite index fell back 4.6 points in April to 120.3 points. Despite the decline the index remains at an elevated level. On a three month moving average (3MMA) basis, the confidence index scored 120.4, its highest level since January 2001. Consumers feel good about the current state of economy and [...]
Worldsteel Association (WSA) reports that global crude steel production totaled 144.95 million tonnes (Mt) at a capacity utilization rate (CUR) of 72.7% in March. This was a 4.8% year on year (y/y), increase and the highest CUR since December 2015. Global overcapacity continues to be a major concern. Figure 1 charts global steel overcapacity and [...]
Over the first 16 weeks of 2017, US steel production averaged 1,732,000 tons per week at an average capacity utilization rate of 73.3%. The most recent four week capacity utilization rate was 73.2%. This was 1.8% higher than the same period in 2016. Figure 1 shows production on the left-hand scale and capacity utilization as [...]
The total number of operating rigs in the US the week ending April 21st was 857, 688 oil, (+5, +0.7% week on week) and 167, (+5, +3.1% week on week), gas. On a year on year (y/y) comparison, oil rigs have doubled, 100.6%. For gas, the y/y increase was 89.8%, while on a combined basis [...]
The CFNAI stayed on the positive side in March scoring a 0.08, down from the strong 0.34 recorded in February. This CFNAI three month moving average (3MMA) dropped to 0.03 from 0.16 in the previous month. Weakness in employment related indicators was the primary cause. The Chicago Fed National Activity Index is a coincident indicator [...]
The total number of seasonally adjusted non-farm people employed in the US in March 2017 was 145,858, million (M). This figure increased by of 98,000 month on month (0.10%). Within the private sector there were 123,540 M workers employed, up 1.6% year on year (y/y) and up 0.07% y/y. Table 1 presents BLS data on the [...]
