Preliminary flat rolled steel import licenses, for the first fifteen days of July, were down 21.1% compared to the same period in June. Hot-dipped galvanized import licenses are down sharply as well, sliding 19.5% compared to the first two-plus weeks of June.
After slipping in May, new housing starts rebounded in June and are now up for the second time in the last three months. June new housing starts came in at a 1.353-million-unit rate, up 3.0% from May but were still 4.4% below year-ago levels. This is the second consecutive month in which starts have declined on a year-over-year basis.
Inventory, on dealers’ lots, at the end of June increased after seeing a slight decline in May. Light vehicle inventory ended June at 2.820 million units, up 3.4% from May and up a sharp 47.8% from the 1.908 million units at the end of June 2023. Inventories of both cars and light trucks increased from the previous month, climbing 0.5% and 4.0%, respectively. Current light truck inventory is at its highest level since March 2020.
U.S. light vehicle sales totaled 1.322 million units, down 7.6% from May and down 3.4% from June 2023. The main reason for the drop in June sales was due to a wide cyberattack that impacted a third party, used by over 15,000 dealers, to process sales. It is being estimated that the cyber issues decreased sales in June by at least 50,000 units. As of this writing the issue appears to be resolved and sales are expected to be made up for in July. Despite the decline in June sales, the year-to-date total (7.824 million units) remains 2.3% above the total from the first half of 2023.
