Lower average grain-oriented electrical steel (GOES) import prices and slightly lower domestic GOES surcharges drove the monthly GOES MMI® down by 9 points, 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.
The US grain-oriented electrical steel (GOES) coil price itself dropped 3.8 percent 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.