Special Bar Quality – SBQ prices gained some $40 per ton for January shipment following this month’s rise in No. 1 busheling prices in Chicago, market participants said.
Still no base price increases were reported in the market with SBQ tags continuing to ride scrap adjustments.
Nonetheless some optimism in the market bodes well for a potential price hike in the first or second quarter of next year, buyer and mill sources said.”
American Metal Market 12/20/16
US Raw Steel Production Rose Again Last Week
US raw steel production rose 1.2 percent last week as mills operated at an ACUR f 71.4 percent. In the corresponding week last year mills operated at an ACUR of 62.1 percent. Thus far this year mills have produced prox 84,744,000 tons compared to the prox 85,450,000 tons produced in the like period last year.
Led by declines in production related indicators, the Chicago Fed National Activity Index (CFNAI) decreased to -0.27 in November from -0.05 in October.
The index’s three month moving average (CFNAI-MA3), edged up to -0.14 in November from -0.20 in October. November’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend.
What do the numbers mean?
When the CFNAI-MA3 value moves below –0.70 following a period of economic expansion, there is an increasing likelihood that a recession has begun.
Conversely, when the CFNAI-MA3 value moves above –0.70 following a period of economic contraction, there is an increasing likelihood
that a recession has ended.
When the CFNAI-MA3 value moves above +0.70 more than two years into an economic expansion, there is an increasing likelihood that a period of sustained increasing inflation has begun.
The Conference Board Leading Economic Index Reports the LEI for the US was Unchanged in November, Remaining at 124.6.
The US Leading Economic Index continued on an upward trend through 2016, although at a moderate pace of growth. The underlying trends in the LEI suggest that the economy will continue to expand into the first half of 2017, but it’s unlikely to considerably accelerate (I am no economist but I disagree with that statement. I think things are beginning to accelerate now just knowing Trump is headed to the White House, let’s see what happens in the first quarter). Although the industrial and construction sectors held the US LEI back in November, the weakness was offset by improvements in the interest rate spread, initial unemployment insurance claims and stock prices.”
Ataman Ozydilirim, Director of Business Cycles and Growth Research at the Conference Board
Real gross domestic product (GDP) increased at an annual rate of 3.5 percent in the third quarter of 2016 according to the “third” and final estimate released by the Bureau of Economic Analysis (BEA)
“Hope for Change”
This is real nice: Obama’s wife, the wonderful “I am finally proud of America” wonk, in a response to a question from the venerable Oprah Winfrey regarding the “hope” his presidency was all about, had the audacity to say “Yes I do, because we feel the difference now.” She went on: “See now we are feeling what not having hope feels like.”
So, the following is the “hope” Barry gave us? The worst 8 years of economic growth since the 1940’s, the doubling of our national debt, a military so weakened that our enemies do not fear or respect us. The world is on fire: Iran, Iraq, Afghanistan, Syria, Yemen, Libya, Israel, Palestine, Russia, China and more. This is hope to you in your little bubble?
We have such dismal job growth that the liberals need to fight for a $15 per hour minimum wage to be a “living” wage. That is how liberals want you to raise your family. A healthcare boondoggle that is screwing Americans in a huge way and has ruined our healthcare system. Racial tensions greater than they have been since the 1960’s, open borders, terrorist attacks on American soil. 93 million Americans dropped out of the workforce.
That’s real nice, let all the Muslims in without proper vetting. See what’s happening in Europe with the radical Islamists (Monday alone; Berlin, Switzerland and Turkey where a jihadist assassinated the Russian Ambassador)?
Guess what, it is here now. Instead of stopping the influx of possible radicals as we should have, we are going to have to deal with this progressive vote getting bullshit, for that is all progressives want…power and money. How do they get it, buying votes, making people dependent on their bullshit ideas.
I am sick of these progressives, they have tried to ruin our country and they’ve done a damned good job of it so far. Progressives collectively have their heads so far up their collective asses that they cannot see the forest for the trees.
And the Obama family? Apparently they have lived in a bubble the past 8 years, absent of all truth, fed bullshit (only what they wanted to hear) on a daily basis so that they actually believe they have done good for the country. It is laughable and all the progressive morons out there who believe the same are just that…morons.
Look at them all, they have been so devastated by the severe ass kicking they took in November that they have tried an Electoral College re-count. Of course Trump was victorious, they blamed FBI Director Jim Comey, nothing there. They blamed the Russians (but I have not seen 1 iota of evidence that the Russians affected our elections) and who knows what else they will try, because for sure, they are not done. They will NOT however, admit that they made a huge mistake in their coronation of crooked Hillary as their nominee.
But wait…look…out on the horizon, what do you see now? The Trump Train is headed our way. The prospect of real economic growth, of secure borders, of the strongest military on earth, of help for the inner cities, of lower taxes, of less regulation, of real reform of the VA for our veterans and so much more.
THIS IS REAL HOPE.
Like Trump said…”The politicians are all talk and no action!” But, that crap is now over, and God willing, Trump, along with the groundswell of support coming from the American people will prevail and he will “Make America great again!” “The lions tremble in their lairs at his approach.”
People think this is a joke but the reality is the Democrat party no longer exists in the United States of America, it has been infiltrated by progressive liberals, who, like Obama, want to “fundamentally” change the United States. We have had 8 long years of that bullshit, growing farther from the ideals of the Founders (the Constitution and Bill of Rights)than ever before in our history.
It is time, my fellow Americans, to stop kicking the can down the road. It has been kicked way too long. We must stand and fight for what is right and good for America and the American people.
By the way…if you would like to respond to my rants, either positive or negative, you are encouraged to email me via our Contact page.
All of us at Summit Steel join in wishing you a Merry Christmas and a Happy Hannukah! Have a blessed weekend.
“MAKE AMERICA GREAT AGAIN”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.