We are in the midst of the summer season with the high temperatures returning to the entire Northeast. Many are commenting that their current work load is relatively strong with positive indicators looking forward for the balance of 2015.
Residential and Nonresidential construction segments add jobs as the Industry continues to expand. In May, construction firms added 17,000 jobs bringing the total add of 273,000 over the last 12 months. The construction sector unemployment rate fell to 6.7 percent, the lowest May rate since 2006.
Positive progress has been made on the long term funding for the nation’s highway and transit systems. Many national organizations have sent letters of support for this most important bill to modernize and repair the nation’s infrastructure.
U.S. Raw Steel Production
In the week ending July 25, 2015 mills produced 1,740,000 tons. Mills operated at an average capacity utilization rate of 72.8% in comparison with the same week in 2014 mills produced 1,914,000 tons.at 79.6% rate. Year to date mills have produced 50,487,000 tons, down 7.7 % from the previous year’s production of 54,704,000 tons.
Scrap prices over the past three months went up in May and again in June and then dropped in July. The overall scrap price moved up approximately 12.7 percent. Mill published pricing has stayed relatively flat through the past three months.
As always we will attempt to keep our customers up to date on the latest developments within the steel industry. If we can help explain what’s currently going on in our industry, give our HarMac office a call: 207-935-3531