Market Data
August 7, 2023
Written by Laura Miller
Economic activity in the US manufacturing sector contracted for the ninth month in a row in July, according to the latest report on business from the Institute for Supply Management (ISM).
The ISM’s manufacturing PMI came in at 46.4% for July. Although this was a 0.4 percentage point increase from the month before, any reading below 50% is still indicative of contraction in the sector.
The latest tally of active drilling rigs increased in Canada while slightly easing in the US this week, according to oil and gas rig count data published by Baker Hughes.
SMU’s Current Steel Buyers’ Sentiment Index fell this week, while Future Sentiment remained flat, according to our latest market survey.
The results of the latest Steel Market Update (SMU) flat-rolled market survey are now available on our website to all premium members.
The Chicago Business Barometer rebounded in September, returning to expansion after slipping into contraction in August.
Steel mill lead times continued to expand for sheet and plate products this week, according to buyers responding to our latest market survey.