Steel capacity utilization rate is approaching 80%
This morning in the metals news: the rate of steel production capacity utilization in the United States increased by more than a percentage point last week; the Census Bureau released data on residential construction in April; and average U.S. retail gasoline prices topped $ 3.00 per gallon for the first time since 2014.
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US steel production capacity utilization reaches 79.2%
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The steel capacity utilization rate in the United States for the week ending May 15 reached 79.2%, the American Iron and Steel Institute (AISI) reported.
Production during the week totaled 1,799,000 tonnes, up 47.1% year-over-year. Meanwhile, production for the week jumped 1.4% from the week ending May 8.
The steel capacity utilization rate jumped more than a percentage point from the previous week, when it stood at 78.1%.
Housing starts are cool in April
Housing starts in the United States hit a seasonally adjusted annual rate of 1,569,000 in April, according to the Census Bureau.
April’s rate was 9.5% lower from March but up 67.3% from April 2020.
In addition, single-family housing starts reached a rate of 1,087,000, down 13.4% from March. For dwellings located in buildings with five or more dwellings, the registration rate is 470,000.
The average retail price of gasoline continues to rise
While commodity prices continue to rise across the board, US retail gasoline prices are no exception.
The average retail price of gas is now above $ 3.00 a barrel for the first time since 2014, the Energy Information Administration reported.
“The increase in the retail price of gasoline in the Lower Atlantic was the result of outages at many service stations in the region, which occurred due to pipeline disruption which hampered supply and increased gasoline purchases in response to station outages, â€the EIA reported.
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