Steel Markets
Empire State Manufacturing Index Plummets
Written by Laura Miller
March 17, 2023
Manufacturing business activity continues to decline in the state of New York, according to the latest Empire State Manufacturing Survey taken between March 2–9.
The New York Fed’s Empire state headline general business conditions index—a gauge of manufacturing activity in the state—declined by 19 points to -24.6, with 45% of respondents reporting worsening business conditions and just 20% reporting improving conditions.
The survey’s new orders index came in at -21.7, a decline of 14 points, and the shipments index, at -13.4, dropped by 14 points.
Survey respondents are not anticipating an improvement in business conditions over the next six months, with the index for future business conditions declining by 12 points to just 2.9.
An interactive history of the Empire State Manufacturing Index is available on our website. If you need assistance logging into or navigating the website, please contact us at info@steelmarketupdate.com.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in Steel Markets
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.
Hot-rolled price hikes garner mixed reactions from the market
Several steel market sources say they were blindsided when mills increased spot prices for hot-rolled coils this week.
Steel market participants mull the impact of US/Mexico S232 negotiations
Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Tariffs, ample domestic supply cause importers to shift or cancel HR import orders
Subdued demand is causing importers to cancel hot-rolled (HR) coil orders and renegotiate the terms of shipments currently enroute to the US, importers say. An executive for a large overseas mill said customers might find it difficult to justify making imports buys after US President Donald Trump doubled the 25% Section 232 tariff on imported steel […]