Economy

January at a Glance
Written by John Packard
February 1, 2014
During the month of January Steel Market Update (SMU) adjusted our Price Momentum Indicator from Higher to Neutral. Benchmark hot rolled prices averaged $673 per ton ($33.65/cwt) according to the Steel Market Update index. CRU posted their monthly average at $676 per ton ($33.80/cwt).
You can find the balance of our weekly and monthly averages on cold rolled, galvanized, Galvalume as well as #1 HMS, Shredded and #1 Busheling scrap in the table below.
Zinc prices retreated during the last week of the month to $.8984 per pound (zinc is used to make galvanized and Galvalume steels). Aluminum prices also dropped during the last week of the month to $.7645 per pound (aluminum is used to produce Galvalume, aluminized, Galfan, etc.).
Iron ore spot prices (TSI) out of China dropped from $132.4/dmt to $123.4/dmt during the course of the month. China is now closed for their New Year Holiday.
Both the HRC and BUS Futures forward curve are in backwardation meaning the current prices are higher than the futures values associated with each product.

John Packard
Read more from John PackardLatest in Economy

Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.

ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.