7 December 2023 – The US construction boom in the non-residential construction sector continues for the 17th consecutive month. Construction activity in the manufacturing sector is even up by more than 71% year-on-year. This is pushing up steel prices in the United States. And Taiwan’s stainless steel industry on the upswing: optimism for 2024!
US construction boom continues: 17 months of non-stop growth!
Record in America: non-residential construction shoots through the roof
The USA is building and building: According to the latest figures from the US Census Bureau, spending on non-residential construction rose for the 17th consecutive month. A real perennial favorite!
Manufacturing drives growth
The manufacturing sector is the star of the construction boom. With an incredible increase of over 71% compared to the previous year, they dominate the sector. In October 2023, they were thus the undisputed leader of the construction charts.
Steel industry on a high: production and prices on the rise
The construction boom is also making the steel industry rejoice. US steel mills reported a 7% increase in crude steel production last week. And that’s not all: the major US manufacturers are planning price increases for hot-rolled, cold-rolled and coated steel.
Steel prices in soaring flight: almost 50% increase
Since September 2023, US base prices for steel have risen by almost 47%. A development that shows: The construction boom in the USA is not only having a massive impact on the construction industry, but also on steel prices. It remains exciting to see how this trend will develop!
Taiwan’s stainless steel industry on the upswing: optimism for 2024
Boom mood among steel manufacturers in Taiwan?
The Taiwanese steel and stainless steel industry is looking to the future with confidence. According to their assessment, a clear upward trend is emerging for the coming months, which should boost the entire industry.
Carbon steel as a lucky charm
The key to success lies in the carbon steel sector, which is regarded as a reliable early indicator for the overall steel market. Thanks to this revival, manufacturers are counting on a strong year in 2024.
Delivery times for stainless steel are getting longer
This optimism is likely to be further supported by the latest market reports: Large international stainless steel plants already have delivery times that extend into the third month of the first quarter of 2024. A clear sign that demand is increasing and the market is picking up.
Taiwan is already steeling itself for the future
The positive development in Taiwan shows that the steel industry is ready to take off in the coming year and could even see sales growth of almost 7% in 2023 compared to the previous year for some stainless steel manufacturers.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
