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Market Update | September 28, 2022

After announcing the idling of the #8 furnace at Gary a couple weeks ago, USS confirmed that the #3 furnace at Mon Valley will be idled indefinitely as well. The #3 furnace, which has a daily capacity of 3,100 tons (~1.1 million tons annually), will now be down until “market conditions improve”. The two recent outages now equate to roughly 2.2 million tons annually.

Market Update | September 21, 2022

The August Architecture Billings Index came in at 53.3, up from 51.0 in July. The ABI has been in expansion for nineteen consecutive months. The new projects inquiry index increased as well, climbing to 57.9 from 56.1 previously. Regionally, three of the four regions showed expansion, with only the Northeast seeing a slight decline.

Market Update | September 14, 2022

After sliding in three of the past four months, U.S. light vehicle inventory increased sharply in August. U.S. light vehicle Inventory totaled 1.268 million units, up 10.2% from July and up 18.8% from 1.067 million units in August 2021. This is the highest monthly inventory total since June 2021.Eight out of twelve labor unions have reached tentative agreements with the railroad carriers, up from five last week. A “cooling off” period expires on Friday, at which time workers can strike, but railroad representatives stress that the negotiations are ongoing and a strike is not inevitable. However, if they do strike and idle all 7,000 long distance daily freight trains in the U.S. would require more than 460,000 additional long-haul trucks every day, which is not possible based on equipment availability and an existing shortage of 80,000 drivers.

Market Update | September 7, 2022

After sliding in three of the past four months, U.S. light vehicle inventory increased sharply in August. U.S. light vehicle Inventory totaled 1.268 million units, up 10.2% from July and up 18.8% from 1.067 million units in August 2021. This is the highest monthly inventory total since June 2021.