Surprisingly, what with the tick downs on pricing of the last couple weeks, and the loss of steam on the 232 investigation, all categories in our INDEX tables went up this week:
HR: Bumps up a solid $11/ton ($0.55/cwt) coming in at $621 ($31.05)….highest number for HR since May! (Am I the only one that didn’t see that coming?)
CR: Up just a couple bucks a ton, now at $814 ($40.70)
GV: Up $7/ton ($0.35/cwt)
SCRAP: No numbers out for August yet, but word on the street is up $10-$20/gross ton….should have these numbers for you early next week
Interesting dichotomy with the market data this week. Is it catch up to the recent price hike announcements? Is it reduction in capacity utilization at the Midwest mills (need these numbers)? The lack of definitive action on the section 232 trade cases as well as our POTUS advising that it is no longer the top of his agenda; leaves us wondering if we have reached the apex of the market cycle. What is your capacity utilization at present compared with backlog? If the 232 rulings were shoring up the market price, and they are increasingly fading, when do you buy??
Stay tuned for the wage numbers this Friday. The Fed will be keeping close tabs on those numbers, if up, they may move interest rates sooner and that will have an effect on ALL markets. Stay tuned….