CONSUMER CONFIDENCE INCREASED IN AUGUST
Despite all the negative news about inflation and rising rates, the Consumer Confidence Index increased in August. The index increased to 103.2, up from 95.3 in July and ending a string of three consecutive monthly declines. The Present Situation Index also increased to 145.4, up from 139.7 last month. This was the first month-over-month increase for the Present Situation Index since March.
The recent up and down movement for zinc continued this week, as pricing remained virtually flat from last week.
Spot iron ore pricing slipped again this week, now down for the third consecutive week.
Pacific Basin met coal pricing continued to push higher this week, now up for the third consecutive week.
Domestic raw steel production declined last week after hitting a six-week high two weeks ago.
- U.S. steelmakers produced 1.747 million tons at an 79.3% utilization rate.
- YTD production is now down 3.4% from the same time last year.
Based on preliminary import licenses in August (29 days), the daily average imports were down 11.4% m/m (-14.7% y/y).
- Excluding slabs, daily avg imports were declined 7.6% m/m.
Despite all the negative news about inflation and rising rates, the Consumer Confidence Index increased in August.
The index increased to 103.2, up from 95.3 in July.
The increase in August ended a string of three consecutive monthly declines.
- The Present Situation Index increased to 145.4, up from 139.7 last month.
- This was the first month-over-month increase for the Present Situation Index since March.
- The Expectations Index, a short-term outlook, increased as well, climbing to 75.1.
- This was up from a nine-year low of 65.6 in July.
This material, information and analyses (the “Content”) may include certain statements, estimates and projections prepared with respect to, among other things, historical data and anticipated performance. Content may reflect various assumptions by Majestic Steel USA, Inc. concerning anticipated results that are inherently subject to significant economic, competitive and other uncertainties and contingencies and have been included for illustrative purposes. Content is provided AS-IS.