Your Market Minute for September!

Hi everyone, I’m Garrian with this month’s Market Minute from SteelNow.

Steel prices are riding a roller coaster. Last September they were $1,900/ton. This year? $790/ton. 

But some say we are nearing a bottom. And here’s why:

•             Many steel mills announced price increases in August to help stabilize the market

•             The price gap between foreign and domestic steel is closing, making imports less appealing 

In the week ending on September 10, about 1.7 million tons of steel was produced. That’s down from about 1.8 million tons at this last year. 

Part of that dip comes from utilization rates being under 80% for the first time in a year. 

According to the Dallas Fed, manufacturing, service, and retail activity all trending downward across the state in August.

They point to supply chain issues, rising prices, and labor challenges. 

And expectations for future manufacturing activity are mixed.

Here’s something fun:

More than 180 million barrels of beer were produced 2021. 

That’s about 1 million trucks moving beer from production facilities to distributors. 

And the Texas DOT is planning $85 billion in roadway construction projects as part of the 2023 Unified Transportation Program.

So that could mean smoother roads ahead! And perhaps some work coming your way!

… and that’s your September Market Minute! Check out steelnow.com for more.