Economy
May at a Glance
Written by John Packard
May 31, 2017
The month of May saw flat rolled steel prices and our SMU Price Momentum Indicator take a turn and move lower. Benchmark hot rolled pricing was $625 during the first week of May and ended the month at $580 per ton. The HRC average for the month was $603 per ton, $6 per ton lower than the CME Settlement Price and $4 per ton lower than the Platts average for the month.
SMU Steel Buyers Sentiment Index, which is a forward looking indicator, dropped -8 points as the month progressed and our three month moving average declined for the first time in many months (albeit from record high levels).
Inventories continue to be tight, based on data out of the Metal Service Center Institute (MSCI) and SMU Service Center Apparent Deficit increased to -816,000 tons.
Here is what some of the key data points looked like for the month of May.
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.