US metals manufacturing shipments increase

Shipments of US manufactured metals products rose by more than a third in October, reflecting increased output and values from a year earlier.

Estimated shipments from iron and steel mills rose to $12.2bn in October, a year-over-year increase of 36pc, according to preliminary data from the US Department of Commerce.

The average Argus US hot-rolled coil (HRC) ex-works Midwest assessment nearly tripled to $1,937.50/short ton (st) in October from an average of $662.50/st in October 2020.

US steel production increased by an estimated 23pc to about 1.87mn st/week in October comparing to 1.52mn st/week in the same period of 2020, according to data from the American Iron and Steel Institute.

Shipments of aluminum and nonferrous metals increased by 24pc to $10.89bn year over year, according to the Commerce data.

Machinery shipments were up by 13pc to $36.84bn, driven by increases in industrial, material handling, and heating and cooling equipment.

Automobile shipments were down by 29pc to $5.72bn, while light truck and utility vehicle shipments were down by 4pc to $18.61bn on the year. The drop reflect automaker's continued struggle with global semiconductor shortages that have curtailed vehicle production, forcing them to push chip supplies towards higher-value light trucks and SUVs.

By Rye Druzin