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

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.