Economy

May at a Glance: Sentiment Sags
Written by Brett Linton
June 4, 2019
Steel Market Update’s Steel Buyers Sentiment Index dipped below the +50 mark and continued to erode last month as the uncertainty over tariffs and trade had a negative effect on buyers’ attitudes. With OEM and service center executives feeling less positive about their prospects for the next few months, as indicated by SMU Future Buyers Sentiment, it’s no wonder that steel price momentum remains on a downward trajectory. Buyers tell SMU they are reluctant to make purchasing decisions today when steel will be cheaper tomorrow. Buyers sentiment of +42, while still on the optimistic half of the scale, is down from a peak of +78 last year.
Steel prices declined by as much as $50 per ton during May, depending on the product. The benchmark price for hot rolled steel slid from around $640 per ton at the beginning of May to less than $600 by the end of the month. Cold rolled declined from $790 to $765, galvanized from $868 to $828 and plate from $940 to $890.
Weaker-than-expected demand for finished steel and ferrous scrap contributed to the declining steel prices in May.
To see a history of our monthly review tables, visit our website here.

Brett Linton
Read more from Brett LintonLatest in Economy

Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]

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.