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Market Update | January 22, 2025

President Trump said on his first day in office during an Oval Office signing ceremony that his administration is planning to impose 25% tariffs on Mexican and Canadian imports as soon as February 1. He also said his administration is not yet ready to impose universal tariffs. As a reminder, the U.S. receives about 40% of its imported steel from Canada and Mexico and sends 90% of its exported steel to those two countries. The 25% tariffs on Canada and Mexico are likely to support steel prices.

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Market Update

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Core Report | January 10, 2025

Light vehicle sales ended the year on a strong note, climbing for the fourth consecutive month. This was the highest monthly rate since May 2021.

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Core Report

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Core Report | January 3, 2025

On Friday, President Joe Biden officially blocked the takeover of U.S. Steel by Japan’s Nippon Steel on the grounds of national security. The proposed $14.9 billion acquisition by Nippon would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation’s critical supply chains.

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Core Report

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Market Update | December 18, 2024

November new housing starts were at a 1.289 million unit rate, down 1.8% from October and down 14.6% from the 1.510 million unit rate in November 2023. This is the lowest monthly start rate since July. The drop in starts in November mainly came from multi-family units, which came in at their lowest rate since March. However, permits, an indicator for future construction, increased after sliding in the previous two months.

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Market Update

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Market Update | December 11, 2024

Now up for the third consecutive month, total construction spending continued to increase in October. Total spending came in at a $2.174 trillion rate, up 0.4% from September and up 5.0% from the $2.071 trillion rate in October 2023. Despite the continued year-over-year increases, this was the smallest increase since April 2020. While non-residential construction declined, the boost in residential spending helped lift the overall number. Residential spending was up 1.5% from September and up 6.4% from October 2023.

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Market Update

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Market Update | December 04, 2024

Now up for the third consecutive month, total construction spending continued to increase in October. Total spending came in at a $2.174 trillion rate, up 0.4% from September and up 5.0% from the $2.071 trillion rate in October 2023. Despite the continued year-over-year increases, this was the smallest increase since April 2020. While non-residential construction declined, the boost in residential spending helped lift the overall number. Residential spending was up 1.5% from September and up 6.4% from October 2023.

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Market Update