Steel Products
Near-Term Economic Activity Remains Stable: PMA
Written by Ethan Bernard
July 28, 2023
Most metal formers predict business conditions will remain stable over the next three months, according to the July 2023 Precision Metalforming Association (PMA) Business Conditions Report.
PMA’s July report said that 55% of the metal-forming companies the association surveyed expect no change in general economic activity in the next three months vs. 58% in June. Thirty-four percent see a fall in activity compared with 32% a month earlier, and 11% predict a rise in activity, up marginally from 10%.
“Metalforming manufacturers’ reporting of business activity remains consistent, despite rising costs, and ongoing challenges with supply-chain disruptions and finding workers,” PMA president David Klotz said in a statement on July 25.
“Our members are pleased that the House Ways and Means Committee recently approved a tax bill that included many of PMA’s priorities to boost US manufacturing competitiveness,” he added.
Other notable data include these: 18% survey respondents expect in increase incoming orders, a modest decrease from 20% in June. Forty-six percent predicted no change vs. 44% a month earlier, and 36% forecast a decrease, the same result as in June.
As for shipping levels, 19% reported a rise, down from 27% in June; 53% reported no change, nearly even with 52% a month earlier; and 28% reported a decline, up from 21%.
Lead times decreased for the third straight month in July, PMA said. Only 7% of metal-forming companies reported increased lead times compared to 10% in June.
The report is prepared monthly, according to PMA, and provides an economic indicator for the next three months of manufacturing. It samples 116 metal-forming companies in the US and Canada.
Ethan Bernard
Read more from Ethan BernardLatest in Steel Products
US rig count slips, Canada ticks higher
ncreases through September, according to the latest Baker Hughes rig count data.
CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]
US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."
Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.