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
US sets Section 232 tariffs on trucks and buses
Medium- and heavy-duty trucks (MHDV) and buses imported to the US will start being charged Section 232 tariffs beginning Nov. 1.
AMU: Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.
Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.
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.

