Market Data
Near-Term Economic Activity Remains Stable: PMA
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.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Market Data
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
North American auto assemblies slipped in September
North American auto assemblies declined in September, down 5.1% vs. August. And assemblies were also down 1% year on year.
HARDI: Galv demand improves in October, higher prices expected in new year
Participants on this month’s Heating Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council call expect galvanized steel base prices to firm up in the first quarter of 2026.
AISI: Raw steel mill output stabilizes
Domestic mill production inched higher last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Prior to the start of this month, raw output had remained historically strong since June.
Steel market chatter this week
What's on steel buyers' minds this week? We asked about market prices, demand, inventories, tariffs, imports, and other evolving market trends. Read on for buyers' comments in their own words...