Steel consumption, somewhat counter-intuitively, took a significant jump in April despite rising prices.
The rising price of steel along with three other negative moving indices were the only four downward-moving indices in May according to the authoritative monthly report issued by North America’s leading thermal processing equipment manufacturing association, the Industrial Heating Equipment Association (www.ihea.org).
Another negative indicator was the metal price index which reports on aluminum (up slightly), copper (steady), nickel (up slightly), and gold (steady). Given the anticipated and now-imposed steel and aluminum tariffs, it is uncertain what will happen to aluminum and steel prices although the report suggests that steel consumption was up not so much due to demand, but in anticipation of future shortages resulting from tariffs.
The PMI saw its fourth straight monthly decline.
Positive indices included industrial capacity utilization, new home starts, capital expenditures, and durable goods shipments.
Each month, the report details the movements and rationale behind 11-14 metal industry-specific indices. The full report is available to IHEA member companies.
To inquire about the full report, please contact Anne Goyer, Executive Director of IHEA by clicking here.
