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The June ISM Steel Survey continues to reflect American manufacturing’s scaled-back expectations for the US economy and their own business outlook.  More buyers are worried about their own near-term outlook and the economy, and more buyers are scaling back expansion plans and hiring.

The only pickup we see in the survey this month is in foreign steel mill quoting activity, astonishing since domestic prices have scaled back to levels comparable to most foreign home market prices, so if economics were driving foreign deliveries, these should be declining.

Our full report is available to subscribers and provides further thoughts on the June ISM steel survey as well as implications for the steel industry and equities.

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