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.
September 2018
Industrial Production Strongest 12-Month Change Since 2010
Industrial Production Strongest 12-Month Change Since 2010 The industrial production STRONGEST 12-month change since 2010, rose 0.4% in August and is up 4.9% over the past year. NBER US Raw Steel Production Rose Last Week US raw steel production rose 0.5% last week [...]
August PMI Increased
August PMI Increased 3.2 Percentage Points The August PMI increased 3.2 percentage points from the July reading of 58.1 percent to register 61.3 percent, according to the Institute for Supply Management (ISM) August 2018 Manufacturing ISM Report on Business. Economic activity in the [...]
August 2018
Texas Manufacturing Activity Maintained Strong Momentum
Texas Manufacturing Activity Maintained Strong Momentum in August Texas manufacturing activity maintained strong momentum in August, reports the Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey for August 2018, according to business executives responding to the survey. Perceptions of broader [...]
US Raw Steel Production Notched Another Gain
US Raw Steel Production Notched Another Gain US raw steel production notched another gain last week, rising 0.5% as mills operated at an ACUR of 79.5%. In the corresponding week last year mills operated at an ACUR of 75.8%. Thus far [...]
The Latest Round of Steel Price Increases by Gerdau
The Latest Round of Price Increases by Gerdau The latest round of price increases by Gerdau are set to become effective with September 1 shipments-on July 20. Prices for all grade of special bar quality (SBQ) steel remained flat month on [...]
Expansion Still Has Plenty of Fuel in the Tank
Expansion Still Has Plenty of Fuel in the Tank The expansion still has plenty of fuel in the tank, according to the Monthly Economic Outlook from the Wells Fargo Economics Group. The advance 2nd qtr GDP data not only showed the [...]
Personal Income Rose in June
Personal Income Rose in June to 0.4% Personal income rose in June 0.4 percent and revisions to previously reported data show incomes rising a bit more rapidly, additionally, the saving rate was found to be double previous estimates and inflation came in [...]
July 2018
Steel Dynamics Announced Base Price Increase
Steel Dynamics Announced Base Price Increase Steel Dynamics (SDI) announced a base price increase for Special Bar Quality (SBQ) products of $50/per ton ($2.50/cwt) effective with September 1 shipments. I'm sure the other hot mills and drawing mills will follow with [...]
Retail Sales Rose in June
Retail Sales Rose in June Retail sales rose 0.5 percent in June and May's gain was revised up from 0.8 to a whopping 1.3 percent. Monday's report of another increase in business inventories in May is in-line with our expectation for [...]
GDP Growth Appears to Have Roared Back
GDP Growth Appears to Have Roared Back GDP growth appears to have roared back after a soft first quarter. A sharp narrowing in the trade deficit and a pickup in consumer spending have propelled our estimate of Q2-GDP to 4.7 percent." [...]
The U.S. Economy Created 213,000 Jobs in June
The U.S. Economy Created 213,000 Jobs in June The U.S. economy created 213,000 jobs in June. The unemployment rate ticked up to 4.0% from 3.8%, an 18-year low, but steady hiring and an increased number of job seekers suggest the strong [...]
June 2018
Chicago Business Barometer Highest Level Since January
Chicago Business Barometer Highest Level Since January The Chicago Business Barometer at highest level since January, rose to 64.1 in June. New orders were up for the second straight month while prices paid reached their highest level since May 2011. Lead [...]
US Raw Steel Production Retreated
US Raw Steel Production Retreated Last Week US raw steel production retreated 0.7% last week as mills operated at an ACUR of 74.2%. In the corresponding week last year, mills operated at an ACUR of 74.9%. Thus far this year mills [...]
Small Business Optimism Reaches Historic Level
Small Business Optimism Reaches Historic Level Small business optimism reaches historic level, according to the National Federation of Independent Business (NFIB) Small Business Optimism Survey, which rose 3.0 points in May, reaching the second highest level in the 45 year history [...]
Unemployment Rate Fell
Unemployment Rate Fell to 3.8% The unemployment rate fell to 3.8% when employers added 223,000 jobs in May, reinforcing ramped up expectations for near term growth following favorable reports on April international trade and consumer spending. Wells Fargo Economic Outlook US Steel [...]