Lower average grain-oriented electrical steel (GOES) import prices and slightly lower domestic GOES surcharges drove the monthly GOES MMI® down by 9 points this month, a 3.7 percent drop.
“The headline news suggests power construction spending has held steady [see chart below],” said Lisa Reisman, managing editor of MetalMiner. “But other construction spending, particularly non-residential construction spending, continues to struggle as June’s numbers fell 1.7% at a seasonally adjusted (SA) rate in June after increasing 0.7% in May, according to Reed Construction Data.”
The overall construction sector has likely weighed heavily on GOES demand, though we note the trend of rising import levels for July and August.
Following a 3.8 percent decline, US grain-oriented electrical steel (GOES) reached $3,200 per short ton for September.
The GOES MMI® collects and weights 1 global grain-oriented electrical steel price point to provide a unique view into price trends over a 30-day period. For more information on the GOES MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.