Steel Market Update adjusted its price momentum indicator from neutral to higher in late May. Across the month, hot rolled steel prices averaged $886 per ton (up $13 over April), while cold rolled was at $1,007 (up $1), galvanized at $1,100 (unchanged), Galvalume at $1,322 (up $6), and plate at $966 (down $8).
The SMU Buyers Sentiment Index three-month moving average (3MMA) continues to inch down from the March high.
We are seeing a reduction in the monthly average capacity utilization rates, with the May average at 75.6 percent.
Active U.S. drilling rigs have increased consistently and ended May at 1,059 operating units.
Those are some of the highlights for the month of May. See the month-at-a-glance below for much more information on market conditions.
To see a history of our monthly review tables, visit our website.
Brett LintonRead more from Brett Linton
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