A View from the Top
Summit Steel President Ross Bushman offers a weekly summary of data and observations regarding the metals industry news, market conditions and their global and domestic impact.
Feel free to contact Ross with your thoughts or comments.
August 2019
US Raw Steel Production ACUR 81.5 Percent Last Week
US Raw Steel Production ACUR 81.5 Percent Last Week US raw steel production ACUR of 81.5% produced 1,897,000 tons in the week ending August 3, 2019. Thus far this year mills have produced prox 57,945,000 tons compared to the prox 55,279,000 [...]
Consumer Sentiment Remains Elevated
Consumer Sentiment Remains Elevated At 98.4, consumer sentiment remains elevated. Confidence has been resilient in the face of trade uncertainty and could be a concern going forward. Personal finances were a bright spot in this month's report. Texas Manufacturing Outlook Survey [...]
July 2019
2019 Q1 Real GDP Increased 3.1%
2019 Q1 Real GDP Increased 3.1% In 2019 Q1 real GDP increased 3.1 percent. Real gross domestic product (GDP) increased 2.1 percent in the second quarter of 2019, according to the "advance" estimate released by the Bureau of Economic Analysis (BEA). [...]
Real Personal Consumption Rose Solidly in Q2
Real Personal Consumption Rose Solidly in Q2 Real personal consumption rose solidly in Q2, suggested by control group sales which rose 0.7%. Retail sales rose a solid 0.4% in June, despite a huge 2.8% drop in sales at gasoline stations. Wells Fargo [...]
Iron Ore Prices Soared 67% This Year
Iron Ore Prices Soared 67% This Year "Iron ore prices soared 67% this year, a resurgence driven by falling supplies that has led to challenging times for steel mills that use the material. As steel's main ingredient, iron ore is one [...]
Construction Spending Fell 0.8% During May
Construction Spending Fell 0.8% During May Construction spending fell 0.8% during May and broad-based declines overshadow upward revisions to prior months' spending. Residential remains weak while public spending continues to boost nonresidential. Wells Fargo The Institute for Supply Management June 2019 [...]
June 2019
Consumer Confidence Hit Lowest Level Since September 2017
Consumer Confidence Hit Lowest Level Since September 2017 After two consecutive months of improvement, in June Consumer Confidence hit lowest level since September 2017." Said Lynn Franco, Senior Director of Economic Indicators at the Conference Board The Conference Board Consumer Confidence [...]
General Business Conditions Index Largest Monthly Decline on Record
General Business Conditions Index Largest Monthly Decline on Record The headline general business conditions index largest monthly decline on record plummeted twenty-six points in June, according to the Federal Reserve Bank of New York Empire State Manufacturing Survey for June 2019 [...]
Industrial Production Rebounded
Industrial Production Rebounded in May Industrial production rebounded 0.4 percent in May, its first increase this year. Challenges remain for the manufacturing sector which will likely keep the trend in industrial production weak. Wells Fargo US Drill Rigs Running Dropped Last [...]
New Orders Increased for First Time in 3 Months
New Orders Increased for First Time in 3 Months New Orders increased for the first time in three months, but the increase was not large enough to offset last month's fall. Production picked up to match its three-month average but was significantly [...]
May 2019
LEI Increased 3 Consecutive Months
LEI Increased 3 Consecutive Months The LEI increased 3 consecutive months, according to the Conference Board Leading Economic Index (LEI) for the US, which showed an increase of 0.2 percent in April following a 0.3 percent increase in March and a [...]
US-Imposed Tariffs Ended on Steel and Aluminum Imported from Canada and Mexico
US-Imposed Tariffs Ended on Steel and Aluminum Imported from Canada and Mexico US-imposed tariffs ended on steel and aluminum imported from Canada and Mexico. Just in from the Wall Street Journal 2:48pm 5/17/19: The Trump Administration has reached agreements with Canada and [...]
Small Business Optimism Rebounded to All-Time Highs
Small Business Optimism Rebounded to All-Time Highs Small business optimism rebounded to new all-time highs this spring after tumbling 11 points earlier this year. The Fed's pivot away from further rate increases earlier this year appears to have alleviated many of the [...]
Expectations Index Increased in March
Expectations Index Increased in March Based on consumers' short-term outlook for income, business and labor market conditions, the Expectations Index increased to 103.0 from 98.3 in March. The Conference Board Consumer Confidence Index improved in April after decreasing in March. Consumer [...]