Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/e706780b43ac1d9045daf15d3361e855.jpg)
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:
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/SMU_BL_headshot-V4-150x150.png)
Brett Linton
Read more from Brett LintonLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/empire_state_1-scaled.jpg)
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.