Housing inventory of existing homes was 4.2 months’ supply in May. It was 4.6 months for new houses. This is a low number by historic standards. Low supply coupled with low interest rates results in higher prices. A total of 610,000 homes changed hands in May. According to Census Bureau data, the national average price [...]
The US dollar (USD) has declined in value against the seventeen steel trading nations that we track. Of these 17, 12 have gained against the dollar over the past three months, 10 over the past month. Looked at over a one year period, the dollar has lost ground against 9 of the 17. The dollar [...]
New orders for durable goods (ADG), decreased by 1.1% in May to $228.2 billion. On a three month moving average (3MMA), assessment, ADG was down 1.3% month on month (m/m) and down 0.3% year on year (y/y). The good news is that primary metals advanced 0.3% and were up 12.5% from a year earlier. The [...]
After surging to its highest level since November 2014, the CFNAI fell back -0.26 in May. Despite the roll-back, the three month moving average (3MMA), remained positive (0.04). Only one of the four sub-indexes that make up the headline index made a positive contribution in May. Sales, orders and inventories category made a contribution of 0.02 [...]
The overall Industrial Production (IP) index on a three month moving average (3MMA), basis ticked up 0.41% month on month and by 0.72% year on year (y/y), in May following a large increase in April and smaller increases in February and March. The index now stands at 105.0% of its 2012 average. The index for [...]
The American Society of Civil Engineers (ASCE) issues a report card on the health of infrastructure in America on a four year cycle. The 2017 report was just released and the overall score was “D+” on an A to F scale, the same score as the previous report. There are 16 categories that the ASCE [...]
US steel production averaged 1.734 million (M), tons per week at an average capacity utilization rate of 73.7% year to date (YTD), in 2017. The most recent four week capacity utilization rate edged-up to 74.6% at an average production rate pf 1.740M tons per week. Figure 1 shows production on the left-hand scale and capacity [...]
The total number of operating rigs in the US the week ending June 16th was 933, 747 oil and 186 gas. Month on month oil rigs were up 27 or 0.8% and gas rigs were up 6 or 3.3%, for an overall increase of 32 or 3.6%. This makes 22 weeks in a row of [...]
U.S. service center total carbon steel shipments increased by 5.9% year on year (y/y), in May on a three month moving average (3MMA) basis. An encouraging trend, this was the fifth consecutive monthly shipment increase. Table 1 shows percentage change results for shipments, daily intake and inventory level. In all cases the percentage change references [...]
World Steel Association (WSA) reports that global crude steel production totaled 143.325 million tonnes (Mt) at a capacity utilization rate (CUR) of 71.8% in May. This was a 0.5 point increase from last Mays’ 71.3% CUR, but down from Aprils recent high of 73.6% On a three month moving average (3MMA), basis, the rate of [...]
