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The manufacturing PMI (Purchasing Managers’ Index) from ISM (Institute for Supply Management) hit 49.1 in August. So, what does that mean for price of metal?
While not perfect) there is a relationship over time between PMI and the price of aluminum, carbon, and stainless steel. Nevertheless, a lower PMI reading doesn’t necessarily equate to lower prices (see chart below which tracks the price of these products to PMI, 2016 to present). Read the September Monthly Market Report for more--along with an update on the rising price of nickel, the impact Hurricane Dorian had on freight cost, and more.