Economy
SMU's June At-a-Glance
Written by Brett Linton
June 30, 2020
Steel prices rose in the beginning of June, following May price increase announcements by the mills, but began to decline in the middle of the month and reached $480 per ton as of this week. Scrap prices were flat to down over May, while zinc and aluminum prices increased in June.
SMU Buyers Sentiment Index readings increased over June, with Current Sentiment rising further into positive territory and reaching +39 at the end of the month. Future Sentiment ended the month at +45, while the three-month moving average reached +17.67 as of last Friday. Sentiment readings in the chart below are averages for the month.
The SMU Price Momentum Indicator remained at Neutral for most of June, moving to Lower on the last day of the month as flat rolled steel prices trended downward.
Key indicators of steel demand were up compared to the downturn seen in the prior month. The AIA Billings Index rose to 32.0, and private employment increased by nearly 3,100 jobs.
See the chart below for other key metrics in the month of June:
Brett Linton
Read more from Brett LintonLatest in Economy
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.
Architecture firms struggle through April
For the third month in a row, architecture firms reported a reduction in billings through April, according to the latest Architecture Billings Index release.