Economy
SMU's March At-a-Glance
Written by Brett Linton
April 2, 2020
The month of March saw government actions to stop the spread of the coronavirus begin to take a toll on steel demand and prices. In reaction, Steel Market Update’s Buyers Sentiment Index plunged by more than 20 points.
Flat rolled steel prices declined from February, with the benchmark price of hot rolled down to a monthly average of $565 per ton. SMU’s latest market canvass puts the average price of hot rolled at $540 per ton, down from a January high of $610 per ton. SMU’s Price Momentum Indicator was adjusted to Lower in the last week of March.
Scrap prices, which had been expected to rise in March, were flat from the prior month. Zinc and aluminum prices continued their downward tumble, ending the month around $0.84 and $0.68 per pound, respectively.
See the chart below for other key metrics in the month of March:
Brett Linton
Read more from Brett LintonLatest in Economy
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.
Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.
Multi-family pullback drives housing starts to 5-year low in May
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.
Architecture firms still struggling, ABI data shows
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.