VEHICLE INVENTORY INCREASED SHARPLY IN AUGUST
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.
The recent up and down movement for zinc continued this week, as pricing dropped from last week.
Spot iron ore pricing slipped again this week, now down for the fourth consecutive week.
Pacific Basin met coal pricing was virtually flat this week after climbing the three previous weeks.
The Chinese State Council announced more stimulus measures earlier this week, including an additional 300 billion yuan ($44 billion) for infrastructure spending and bank investments.
Domestic raw steel production declined again, now down in back-to-back weeks.
- U.S. steelmakers produced 1.715 million tons at an 77.8% utilization rate.
- YTD production is now down 3.7% from the same time last year.
After sliding in three of the past four months, U.S. light vehicle inventory increased sharply in August.
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.
- Inventory of both cars and light trucks increased from July, climbing 24.1% and 10.7%, respectively.
- The current inventory level, when combined with August’s sales pace, equates to 29 days of supply.
- While this is a sixteen-month high, it remains well below the “normal” level of 65 days.
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