Economy

February at a Glance
Written by John Packard
February 28, 2017
As the month of February comes to a close our SMU Price Momentum Indicator reverted to “Higher” from “Neutral.” However, we should be aware that the vast majority of the month saw our Price Momentum Indicator at “Neutral.”
The SMU Steel Buyers Sentiment Index continued to show strength both as single data points as well as our three-month-moving average (3MMA). The Sentiment Index has been at record high levels for the Index which dates back to 4th Quarter 2008.
Average hot rolled prices were lower in February than January and we were slightly lower than the CME settlement number as well as what Platts averaged for the month.
Inventories are quite low as expressed by the MSCI number of 2.0 month’s supply and our own proprietary data measured service center inventories as being 67,000 tons in deficit at the end of January.
Here is what the month looked like in numbers:

John Packard
Read more from John PackardLatest in Economy

ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.

Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.

Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.

Metalforming market sentiment takes a dive in September: PMA
Metalforming manufacturers anticipate a decrease in near-term conditions, according to the Precision Metalforming Association's (PMA) Business Conditions Report for September.

AIA: Architecture firms still under pressure
Architecture firms reported a modest improvement in billings through August, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.