Economy
November at a Glance: Prices Slide
Written by John Packard
December 2, 2018
November saw steel prices continue to decline, with benchmark hot rolled dipping below $800 per ton, cold rolled below $900 per ton, and galvanized below $1,000 per ton. Plate continued to hold its own at over $1,000 per ton as mills kept customers on allocation while they worked to meet strong demand. Steel Market Update moved its Price Momentum Indictor to Lower in November, expecting that flat rolled steel prices would decline over the next 30 days.
Steel Buyers Sentiment remains at optimistic levels, but is showing signs of unease in the marketplace. The three-month moving average for the sentiment index declined to 62.83 last month from 64.17 in September.
In the energy sector, the U.S. rig count continued inching upward in November to 1,080 rigs. Last week, the oil price dipped to around $50 per barrel, and continued volatility in the oil sector makes the prospects for line pipe and OCTG sales uncertain.
For a snapshot of other market indicators as of the end of November, see the chart below.
John Packard
Read more from John PackardLatest in Economy
US construction spending slips in July
Construction spending in the US in July was slightly lower than June. Despite the decline, it increased notably year on year (y/y).
Beige Book: Economic growth hit by tighter consumer spending
Growth in the US economy continues to struggle in most districts. The Federal Reserve’s Beige Book report for August shows two-thirds of reporting districts flat or declining economic activity.
Steel Summit 2024: Dr. Basu predicts near-term weakness in US economy
“The US economy, despite some near-term weakness I suggest in early 2025, is going to be strong," Dr. Anirban Basu said this week.
Chicago Business Barometer ticked up in August, remains low
The Chicago Business Barometer edged up in August but remains in contraction territory, according to the latest release from Market News International (MNI) and the Institute for Supply Management (ISM).
ABI remains soft despite July gains
The July AIA ABI score has recovered nearly six points over the last two months following the near four-year low recorded in May