SMU Key Indicators Deteriorate, Outlook Weakens

Monthly Key Market Indicators (KMI) deteriorated over the past month after steadily improving since July, while steel buyer sentiment inched up after it had tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have eased, while negative indicators rose.

Despite recent improvements, headwinds remain. The economy has shown some continued signs of strength by surprise gains in GDP and employment totals. But that will likely lead to additional rate hikes to tame inflation. Consumer confidence has also deteriorated as many speculate that there could be more pain ahead in the market if benchmark lending rates are driven higher.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.