This Morning in Metals: Nucor launches line of net-zero carbon steel products
This morning in metals news: Nucor Corporation announced the launch of a line of net-zero carbon steel products; meanwhile, the American Iron and Steel Institute released September import permit application data; and, finally, average U.S. home mortgage rates continue to hover around 3%.
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Nucor announces new line of net-zero carbon steel
Nucor announced it is launching a new line of net-zero carbon steel products.
The steelmaker said General Motors will be the first recipient of the new Econiq™ line of net-zero carbon steel products.
“General Motors will receive the Econiq net-zero steel beginning in Q1 2022, and it is projected that all steel purchased by GM from Nucor will be net carbon neutral by the end of 2022,” Nucor said.
Steel import permit applications jump in September
U.S. steel permit import applications for September surged by 8.8% from August to September, the American Iron and Steel Institute reported.
September import permit application tonnage totaled 2.87 million net tons.
Furthermore, estimated finished steel import market share reached 22% in September, up from 20% for the year to date.
Home mortgage rates remain around 3%
U.S. mortgage rates dipped slightly this week, mortgage loan company Freddie Mac reported.
The average 30-year fixed rate mortgage this week dipped to 2.99%, down by 0.02 percentage point from the previous week. The 15-year rate fell to 2.23%.
“Mortgage rates continue to hover at around three percent again this week due to rising economic and financial market uncertainties,” Freddie Mac noted. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”
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