Manufacturers/End Users
October 30, 2023
Written by Becca Moczygemba
Ford Motor Co. said the United Auto Workers’ (UAW) strike has shaved ~80,000 vehicles from production.
Because of the significant value lost, Ford withdrew its guidance for the year, the automaker’s CFO, John Lawler, noted in Ford’s Q3 earnings call on Thursday, Oct. 26.
The latest tally of active drilling rigs moved marginally higher in the US, up for the first time in five weeks. Activity eased in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count increased to 604 rigs this week, setting an 18-month high watermark. Compared with this time last year, 56 more rigs are in operation today. Canada’s count declined by three to 223 rigs this week, easing for the first time in three weeks. Activity is up from the same week of 2025, with 32 more rigs operating today.
US manufacturing activity expanded for the 10th consecutive month in October, according to supply executives in the Institute for Supply Management's latest report. The October ISM Manufacturing Purchasing Managers’ Index registered 55.5%, up one percentage point from the prior month. An index reading above 50% indicates the manufacturing economy is growing, while a reading below that indicates contraction. ISM noted that the overall economy continued to expand in October for the 24th consecutive month, emphasizing that a PMI reading above 47.5% over a period of time generally indicates that the overall economy is growing.
Construction has been an uneven market over the last year, but data centers have been a bright spot. Ken Simonson, chief economist for the Associated General Contractors of America (AGC) sat down with SMU Editor-in-Chief Michael Cowden last week for a Community Chat. In a far-ranging conversation, Simonson spoke on the current state of construction and wider issues in the economy. (For SMU Premium subscribers, you can watch replay of the entire interview here.)
Buyers in SMU’s latest Flat-Rolled Steel Survey increasingly expect hot-rolled (HR) coil prices to keep climbing into year-end and beyond. But competitive import offers have not yet eased concerns about tight availability: most surveyed manufacturers and service centers said foreign suppliers were quoting competitive prices, while many service centers said they were still buying imports to secure additional tons. As of Tuesday, Oct. 27, current spot prices for HR coil range from $1,280 per short ton (st) to $1,330/st, averaging $1,305/st, according to SMU’s market survey. Looking two months ahead, 41% of respondents to our Oct. 28 survey expected HR coil prices to be $1,300-1,349 per short ton (st) in two months, down from 47% in our survey two weeks earlier.
National Material Company has completed its acquisition of Arlington Metals Corp., the companies said in a joint press release. National Materials, a service center based in East Chicago, Ind., said the acquisition of Arlington Metals, a Franklin Park, Ill.-based toll processor, will allow it to serve customers across a broader range of markets and metals. "Arlington Metals is a great fit for us," said Blake Johnson, president of National Material.