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.
November 2018
Increasing Scrap Prices Affect SBQ Price Hikes
Increasing Scrap Prices Affect SBQ Price Hikes Prices for special bar quality (SBQ) steel products in the US have risen again, moving up by $0.50 per hundredweight ($10 per short ton) due to increasing scrap prices while market participants eye an [...]
Oil Prices Entered Bear Market Territory
Oil Prices Entered Bear Market Territory In Thursday's trading, oil prices entered bear market territory, closing down at $60.67/barrel amid worries over rising US crude inventories and slowing global demand. West Texas Intermediate crude is now down 21% from its Oct. [...]
Consumer Confidence Index Increased Again
Consumer Confidence Index Increased Again The Conference Board Consumer Confidence Index increased again in October. The Present Situation and the Expectations Index's both increased as well. These are at levels last seen in the fall of 2000. Consumers' assessment of present-day [...]
October 2018
Leading Economic Index Increased in September
The Conference Board Leading Economic Index Increased in September The Conference Board Leading Economic Index (LEI) for the US increased 0.5 percent in September following a 0.4 percent August increase and a 0.7 percent increase in July. The LEI improved further in [...]
Increasing Raw Material Costs Driving SBQ Prices Up
Increasing Raw Material Costs Driving SBQ Prices Up Increasing raw material costs driving SBQ prices up by $1 per hundredweight ($20/per ton) across all grades with market participants reporting lead times for hot rolled bar that extend into early February 2019. [...]
Small Business Optimism Slipped in September
Small Business Optimism Slipped in September Small business optimism slipped 0.9 points in September but remains near an all-time high. Tighter labor markets are pushing compensation costs higher and many businesses are passing on those higher costs. Wells Fargo US Raw [...]
Dow Jones New Record High
The Dow Jones Industrial Average Rose to a New Record High The Dow Jones Industrial Average rose to a new record high on Tuesday while major indexes in other regions of the world struggled, a sign investors' growing divergence in expectations [...]
September 2018
Consumer Confidence Hit Highest Level Since 2000
Consumer Confidence Hit Highest Level Since 2000 Consumer Confidence hit highest level since 2000. Only in eleven individual months since 1967 have we seen confidence higher than it is today. Nine of those months were in the year 2000. The other [...]
Index Well Above Previous Peak of March 2006
The Index Well Above Previous Peak, Reached 111.2 The Index well above its previous peak of 102.4, reached in March 2006, is now at 111.2. The Conference Board Leading Economic Index (LEI) for August 2018, released 9/20, expects the economy will [...]
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 [...]